New exit brings raised dividends for Maven VCTs investors
The Maven VCTs have recently exited their largest holding: leading independent crematoria operator Horizon Ceremonies, acquired by Railpen, one of the UK's largest and longest-established pension funds.
Announced on 10 July 2025, the exit has delivered a return of up to 2.5x. The sale also includes deferred payments linked to future milestones, offering further upside potential to Maven VCT investors.
Following the realisation, the boards of Maven VCT 5 and Maven VCT 3 have declared increased interim dividends of 1.25p and 2.00p per share respectively, equating to yields of 3.9% and 4.1% based on their most recently published NAVs. The Maven VCTs target an annual dividend of 6% of NAV – dividends are variable and not guaranteed.
This latest exit follows six profitable realisations in 2024 that delivered returns of up to 8.2x (you can read our earlier article about Maven’s 4.0x exit of MirrorWeb). Past performance is not a guide to the future and there have also been failures.
Why did the Maven VCTs invest in Horizon Ceremonies? What has the 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.
Why did Maven invest?
The VCTs’ highly regarded fund manager Maven Capital Partners ("Maven") has a large team spread across the UK in regional hubs – this helps Maven integrate into local venture networks where it can access deals others may not come across. Maven also manages regional funds for the British Business Bank and the Scottish Government.
The four Maven VCTs follow the same broad strategy: targeting established, entrepreneurial businesses the manager believes have robust growth prospects and proven management teams. They focus on companies in defensive sectors (for example, software, data analytics and healthcare), with recurring or contractual revenue, and that Maven can access at attractive entry multiples.
The recently exited Horizon Ceremonies fit this remit.
What in particular made it an attractive investment?
Horizon Ceremonies’ journey with Maven
Founded in 2016, Horizon Ceremonies (“Horizon”) is building a portfolio of next-generation crematoria. These aim to be environmentally and technologically advanced, yet community-centric and with improved levels of care – a more compassionate alternative to traditional facilities.
Maven first invested £2.5 million in May 2017, to support building Horizon’s first facility in Ayrshire.
The company has since established itself as one of the UK’s most respected independent crematorium operators. A sector leader in sustainability, it was the first UK crematorium operator to publish an ESG report. To date, it has planted over 10,000 trees, generated c.8,000 kWh of renewable electricity, and maintained a carbon footprint below the industry average.
Over the course of its investment, Maven has invested a total of £7.65 million across multiple rounds, helping to further scale operations and open new sites.
The business currently operates three high-quality, purpose-built facilities: in Cannock in the West Midlands, on the Clyde Coast in Ayrshire, and just outside Glasgow. The Hurlet Crematorium, Glasgow, was named Scotland’s Best Crematorium at the Scottish Funeral Awards in 2022 and 2024. Two additional sites are progressing through the planning process.
What made Horizon an attractive investment for Maven was the long-term growth potential of the UK cremation services market, increasing demand for modern facilities, and growing emphasis on sustainable practices. Maven’s sale of its Horizon holding attracted interest from a broad range of institutional and strategic acquirers.
From our initial investment through to follow-on funding rounds, we’ve supported the business in scaling its operations, navigating planning challenges, and embedding ESG at its core. We are proud to have backed the team from its early origins and are delighted to deliver this excellent return for our investors.
Maven has been a trusted partner throughout our journey, offering not just funding but strategic insight and support. Their belief in our vision enabled us to expand our footprint, enhance our ESG credentials, and deliver best-in-class facilities.
See Maven VCTs' performance
NAV and cumulative dividends per share (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 - 31/03/2025.
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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.