New Maven VCTs exit: family business that’s now maintenance contractor to some of the UK’s biggest pub chains
Maven Capital Partners, manager of the Maven VCTs, has announced the profitable sale of its stake in DPP, one of the UK’s leading privately-owned commercial maintenance contractors.
The exit to an undisclosed UK private buyer has generated a return of between 2.1x and 2.5x for the VCTs. Past performance is not a guide to the future.
Based in Southampton, DPP provides maintenance and repair for heating, ventilation and electrical systems to the hospitality and retail industry. Clients include pub chains Marston’s, Greene King, Whitbread, Punch Pubs and Admiral Taverns, plus Premier Inn, Wagamama and Poundland.
Maven first backed the business in 2013.
This latest transaction follows a period of prolific exit activity. The VCTs recorded five exits in the 12 months to July 2025 generating £50.2 million in proceeds against a cost of £18.6 million. This includes the profitable exit in June of the then-largest holding Horizon Ceremonies – the proceeds from which helped fund interim dividends of up to 2p per share. There have also been failures. Dividends are variable and not guaranteed.
Why did the Maven VCTs invest in DPP? What has DDP’s journey been with Maven? How could you invest in similar companies through the Maven VCTs? Read on to find out more.
Important: The information on this website is for experienced investors. It is not advice nor a research or personal recommendation to invest. If you’re unsure, please seek advice. VCT investments are high risk and you could lose the money you invest.
What does DPP do?
Established in 1985, DPP began as a small family business providing plumbing and electrical services to commercial customers.
In 2003 it turned to focus entirely on restaurants, bars and hotels – and now serves some of the UK’s biggest hospitality brands, providing engineers on call 24/7 all year round.
DPP delivers planned preventative maintenance, reactive repairs and project-based installation and refurbishment. Its technical scope covers heating, cooling, ventilation, electrical testing and safety compliance.
Why did the Maven VCTs invest in DPP?
The VCTs’ highly regarded fund manager Maven Capital Partners is one of the UK’s most active SME investors. Maven’s UK-wide network of regional offices allows it to integrate into local venture networks where it can access deals others may not come across.
The four Maven VCTs currently fundraising follow the same broad strategy: targeting established, entrepreneurial businesses the manager believes have robust growth prospects and proven management teams, with recurring or contractual revenue, and that Maven can access at entry multiples it considers attractive.
DPP fitted this remit.
At the point of investment, DPP already employed over 200 people and was delivering a comprehensive support service, including major projects such as full system refurbishments and rebranding.
The business was achieving consistent sales growth, with annual turnover rising to around £18 million on the back of contract wins with major hospitality operators such as Mitchells & Butlers and Greene King.
In Maven’s view the business had strong levels of recurring revenue and an excellent track record of winning and retaining clients.
Moreover, in a market where multi-site operators were increasingly looking to consolidate their supplier bases, DPP stood out by offering a high-quality, cost-efficient comprehensive service solution.
Maven considered the company well placed to expand its service to existing customers and achieve new contract wins.
What has DPP’s journey been with Maven?
Since first investing in 2013, Maven has worked with the business to strengthen governance and scale operational capability. This has helped DPP widen its customer base, tighten compliance and improve its multi-site delivery model.
The focus on broadening its customer base with a recurring maintenance contract model has significantly enhanced the quality of DPP’s earnings, reducing dependence on ad hoc projects and delivering greater stability and scale. With Maven’s backing, the business successfully navigated industry challenges, including Brexit and Covid, and has emerged stronger, more resilient, and well-positioned for sustained growth.
How might you invest in similar companies?
The Maven VCTs are open for investment.
They are established and well-diversified trusts which primarily target regional unquoted businesses. They share the same broad strategy and have combined net assets of £294 million (June 2025) spread across a portfolio of over 130 private and AIM-quoted companies.
Over the five years to 30 September 2025, the Maven VCTs produced NAV total returns (including dividends) ranging from 7.7% to 13.9%.
See performance of the Maven VCTs
NAV and cumulative dividends per share over five years (p)
Source: Morningstar. Past performance is no guide to the future. Dividends are variable and not guaranteed. The bar chart shows net asset value and cumulative dividends per share for the period 31/12/2019 - 30/09/2025.
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Alex Davies
Chief Executive
Alex was a board director at Hargreaves Lansdown, where he worked for 15 years. He was responsible for building Hargreaves Lansdown into the biggest direct-to-consumer SIPP provider in the UK with more than 150,000 clients and over £12 billion under management. He is a keen investor with a portfolio of shares, funds, student property, EIS and VCT investments.