The Wiltshire-based Wadworth brewery has become the first business to join Asset Match’s newly launched private markets platform, named Pisces. The system enables existing shareholders to auction part of their equity holdings to potential new investors. The first trading period for the platform is set to run from 11 August to 30 September, providing a window for orders to be submitted.
Since February 2023, Wadworth has already traded more than 300,000 shares through the platform. On 4 August, shareholders and potential buyers will be able to view auction details and company reports, marking a critical step for transparency and engagement. The company, known for its traditional ales like 6X, has been using the platform to offer its A ordinary shares, which typically come with voting rights.
Platform Gains Traction With Liquidity Test
In April, the Financial Conduct Authority granted approval for Asset Match’s Pisces platform to operate. The current Wadworth listing is considered the first significant test of the platform’s ability to offer liquidity to private firms that are not listed on public exchanges. Success with this trial could serve as a model for future participants.
To gain broader appeal, Asset Match now faces the challenge of convincing other private companies to join their framework rather than those of competitors like London Stock Exchange Group, JP Jenkins, and Vestd. London’s platform has already secured notable additions such as fintech Moneybox and Wayve, which raised £45m and £63m, respectively, through employee share sales. JP Jenkins has managed to onboard only one company, QPLAY, under its system, while Vestd has not yet secured a company for listing.
Investor Appetite for Growth
Ben Weaver, the Business Development Director at Asset Match, said the auction represents an opportunity for a wider pool of investors to own stakes in Wadworth. He expressed confidence in investor interest in established private companies with strong brand recognition, physical assets, and long-term growth prospects. Weaver added that the initial auction is expected to draw considerable attention.
Simon Townsend, Wadworth’s chairman, noted that the listing would enhance the company’s exposure among investors. He emphasized the importance of the move in building awareness and attracting potential shareholders who recognize the company’s legacy and potential.