Wiltshire-based brewer and pub operator Wadworth has become the first company to sign up to Asset Match's new private markets platform, the Private Intermittent Securities and Capital Exchange System (PISCES). This move allows existing shareholders to sell part of their vested equity to prospective buyers, marking a significant step for unlisted firms seeking liquidity without a full stock market listing.
First Trading Window Announced
Participants can access company reports and auction details from August 4. The first trading window runs from August 11 to September 30, during which buyers and shareholders can submit orders. This was reported by City AM.
Wadworth, established in 1875 and renowned for traditional ales like 6X, has traded its A ordinary shares on the Asset Match platform since February 2023. To date, the company has traded more than 300,000 shares.
Investor Appetite and Company Response
Ben Weaver, business development director at Asset Match, stated that the PISCES auction "represents the first opportunity" for a broader pool of investors to acquire shares in Wadworth. He added, "We believe there is strong investor appetite for established private companies with recognised brands, tangible assets and long-term growth potential. We expect Wadworth's inaugural PISCES auction to attract significant interest."
Simon Townsend, chairman of Wadworth, said the transaction would "broaden awareness of the company" among investors, highlighting the potential benefits of increased visibility.
Regulatory Approval and Market Competition
Asset Match received its PISCES approval from the Financial Conduct Authority in April. The flotation of Wadworth represents the first real test of whether the exchange can deliver liquidity to shareholders. The platform must now persuade other firms seeking to unlock value without a full listing to choose its service over rivals JP Jenkins, Vestd, and London Stock Exchange Group.
London's platform has already welcomed fintech Moneybox last month, confirming a £45m employee share sale, alongside autonomous driving company Wayve in a substantial £63m employee share sale.
Competitor Landscape
JP Jenkins has onboarded just one company under its framework to date, completing the transaction of digital board game developer QPLAY in March. Vestd is yet to attract a single company to list on its framework, indicating the competitive nature of this emerging market.
