| Target dividend: | 5% of NAV from 2026 |
|---|---|
| Wealth Club initial saving: | 5.5% |
| Net initial charge: | 0% |
| Annual rebate: | 0.10% |
| Funds raised / sought: | £600k / £10m |
| Minimum investment: | £5,000 |
| Next deadline: | 31 Oct 2025 for 3% early bird |
Important documents
| Target dividend: | 5% of NAV from 2026 |
|---|---|
| Wealth Club initial saving: | 5.5% |
| Net initial charge: | 0% |
| Annual rebate: | 0.10% |
| Funds raised / sought: | £600k / £10m |
| Minimum investment: | £5,000 |
| Next deadline: | 31 Oct 2025 for 3% early bird |
Important documents
The Guinness VCT is a new VCT managed by the same team that runs the longstanding Guinness EIS and Guinness AIM EIS funds.
Since 2010, the team has raised and invested over £325 million in EIS- and VCT-qualifying companies, including legacy and newer growth capital investments. It has backed some of the UK’s fastest-growing startups, including Popsa, Fifty, Wolf & Badger and Cera Care, and achieved several successful exits.
The VCT takes a similar approach to Guinness’s EIS funds. It doesn’t target any particular sector, but primarily invests in more established private companies, often with over £1 million of annual revenue. Once mature, the fund may also invest in AIM-quoted businesses where it sees opportunities.
The VCT was admitted to the London Stock Exchange in April 2023. It has net assets of £11.4 million, of which around £7.8 million is invested in 21 companies (June 2025). It recently achieved its first partial exit, with the sale of 20% of its stake in Plotbox (detailed below).
The VCT hopes to pay annual dividends of 5% of NAV, although these are unlikely to start before the first half of 2026 at the earliest. Dividends are variable and not guaranteed.
- Seeking to raise up to £10 million, with a £5 million overallotment facility
- Available for the 2025/26 and 2026/27 tax years
- Targets annual dividends of 5% of NAV from 2026 – not guaranteed
- Minimum investment £5,000
- Deadline: 31 October 2025 for early bird saving of 3%
Important: The information on this website is for experienced investors. It is not a personal recommendation to invest. If you’re unsure, please seek advice. Investments are for the long term. They are high risk and illiquid and can fall as well as rise in value: you could lose all the money you invest.
The manager
Guinness Asset Management was founded in 2003 and now manages over £8 billion across its equity funds, EIS funds, VCT and an IHT fund (August 2025). In total, it has raised over £325 million in EIS and VCT qualifying companies since 2010.
The Guinness VCT and EIS funds are overseen by the 16-strong Guinness Ventures team and led by Shane Gallwey, a CFA Charterholder.
Meet the manager
Watch our latest interview with Shane Gallwey, Guinness Ventures
Investment strategy
The Guinness VCT blends the investment approaches taken by Guinness’s EIS and AIM EIS funds.
Due to the number of opportunities the team reviews, Guinness employs a quick filtering process to ensure those it sees as the most promising receive the most attention. The investment team pitches new deals to the investment committee daily, to quickly progress the strongest candidates into the next stage of assessment.
Approximately 80-90% of the VCT’s investments are expected to be into private companies, with 10-20% in AIM-quoted companies once the portfolio has matured.
Private companies
Guinness looks for companies with proven technology or services requiring scale-up capital. The VCT targets young businesses with good growth potential as well as strong balance sheets and cash flows. Companies should preferably be generating revenues of £1 million or more.
The average revenue of the current VCT portfolio at point of investment was £5.2 million. As at March 2025, the average portfolio company reported revenues of £7.8 million over the previous 12 months.
AIM-quoted companies
Guinness looks for companies that operate within a growing sector, with a sound business plan, and which are not reliant on a small customer base. It also seeks experienced management teams, whose incentives are aligned with shareholders’ interests and with a demonstrable regard for effective corporate governance.
Current portfolio overview
The VCT has net assets of £11.4 million and a portfolio of 21 companies (June 2025), collectively valued at approximately £7.8 million. The remainder is held in money market funds and cash.
Source: Guinness Global Investors, as at June 2025.
Largest investment
Fussy
Over 3.2 billion single-use plastic deodorant containers end up in landfills annually. Fussy was set up in 2020 to help address this: it created a sustainable deodorant with plastic-free refills and natural, effective ingredients.
Originally selling directly to consumers via its website, the brand gained significant traction after appearing on BBC’s Dragons’ Den in 2022, helping double its customer base to 40,000. Since, the business has expanded its product range, which is now available at retailers such as Tesco, Waitrose and Ocado.
The Guinness VCT invested £0.5 million as part of a £5.6 million funding round in March 2024. The stake is currently valued at £0.7 million (June 2025). Past performance is not a guide to the future.
Recent investment
Evaro (Total Access Health)
By some estimates 25% of A&E consultations and 40% of GP appointments are for minor health conditions that could be addressed without significant intervention by a medical professional. Evaro was founded by wife and husband Dr Thuria Wenbar, an A&E doctor and software developer, and Dr Oskar Wendowski, a research pharmacist, to provide convenient and efficient ways for patients to access care quickly.
Evaro has launched two websites, e-surgery and e-pharmacy that use an AI-driven process to provide digital consultations and prescriptions to patients online. Both are UK regulated pharmacies and can fulfil NHS prescriptions, with drugs delivered straight to the patient’s door. It also offers a white label pharmacy platform to third party brands. The company has already supported over 400,000 patients and offers over 300 treatments.
The Guinness VCT invested £300,000 in the company in Q2 2025.
Exit track record
As this is a new VCT it has yet to make any full exits or experience a failure – though it has partially exited a stake in Plotbox (detailed below).
Example of previous exit
Plotbox
Founded in 2014 by husband-and-wife team Sean and Leona McAllister, Plotbox has created software for funeral homes, cemeteries and crematoria.
Plotbox provides an alternative to paper records, contracts and burial plot maps, using more efficient cloud-based digitised services for managing records, inventory, memorials, customer service, financial reporting and payments. It has also pioneered a form of “Google Maps for cemeteries” by combining high-resolution drone mapping with geographic information system technology.
Guinness invested £3.2 million in April 2023, alongside Par Equity in a £5 million funding round. The Guinness VCT invested £350,000 as part of that round, a position valued at £570,000 in June 2025. After the end of its financial year the VCT announced that it had sold 20% of its stake in Plotbox for a 1.8x return after the company took investment from a US private equity group, Serent Capital. Past performance is not a guide to the future.
Example of previous failure
Tailify
An example of failure from the wider Guinness portfolio is Tailify Software, a marketing agency aimed at social media influencers. As a result of macro events and a slowdown in the market, the company saw many of its clients downsize their budgets. Despite efforts to restructure the business the ongoing costs were determined to be too high and the company entered administration in April 2024. Guinness has subsequently written its investment down to nil.
Performance and dividends
As the VCT first issued shares in April 2023 its performance track record is limited. However, it is managed by the same team responsible for the Guinness EIS fund which has backed some of the UK’s fastest-growing startups.
The VCT is targeting an annual dividend of 5% of NAV and expects to announce its maiden dividend in early 2026.
NAV and cumulative dividends per share over five years (p)
Source: Morningstar. Performance figures are calculated net of fees, on a NAV-to-NAV basis. 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 - 30/06/2025.
Dividend Reinvestment Scheme
The VCT does not expect to pay a dividend before the first half of 2026 at the earliest – not guaranteed.
Share buybacks
The VCT plans to operate a policy of purchasing their own shares as they become available in the market at a discount of approximately 5% to the latest published NAV. However, there is no guarantee that the company will buy back shares. The discount to NAV could also be greater or less than 5%.
Discount history
VCT shares are traded on the London Stock Exchange. Similar to investment trusts, the share price can fluctuate and can be different from the VCT’s net asset value (NAV), i.e. the value of the VCT’s underlying investments. The difference between the share price of a VCT and its net asset value per share is called a discount (or premium).
Investors should note the VCT has less than a five-year track record. Trading of the VCTs shares will be immaterial and any consideration of the share price movements in relation to the net asset value per share will be inconclusive.
The discount history will be published once the VCT has a five-year track record.
Investors looking to sell their VCT shares may get a better price using the VCT’s share buyback facility, although this is not guaranteed.
Risks: important
This, like all investments available through Wealth Club, is only for experienced investors happy to make their own investment decisions without advice.
VCTs are high-risk so should only form part of a balanced portfolio and you should not invest money you cannot afford to lose. They also tend to be illiquid and hard to sell and value. Before you invest, please carefully read the Risks and Commitments and the offer documents to ensure you fully understand the risks.
To retain the tax benefits, VCTs should be held for at least five years. If you sell VCT shares and reinvest in new shares of the same VCT (including any mergers) within six months, tax relief can be restricted. Tax rules can change and benefits depend on circumstances.
As this is a new VCT it will take time to build a portfolio of investments, during this time the trust is likely to be more concentrated and no dividend payments are expected until at least 2026.
Charges and savings
A summary of the main charges and savings is shown below. The net initial charge shown includes the Wealth Club saving and any early bird discount. The investment may have additional charges and expenses: please see the provider documents including the Key Information Document for more details, offer price and share allotment calculation methodology.
Please note, capacity – for the offer or any early bird savings – can be reached early, and we may not be notified of this by the VCT in real time.
| Full initial charge | 5.5% |
| Early bird discount | 3% |
| Wealth Club initial saving | 2.5% |
| Existing investor discount | — |
| Net initial charge through Wealth Club (new investors) | 0% |
| Net initial charge through Wealth Club (existing investors) | 0% |
| Annual management charge | 2% |
| Annual administration charge | See offer documents |
| Performance fee | 20% |
| Annual rebate from Wealth Club | 0.10% |
*The existing investor discount will apply after the 3% early bird period has ended (31 October 2025).
More detail on the charges
The full initial charge shown in the table above is before any savings and discounts; the net initial charge is after available savings and discounts. When you invest through us, Wealth Club will receive commission each year (up to 0.5%). Commission is paid by the product provider so there is no additional charge to you.
Please see the provider’s documents, including the Key Information Document, for more details on the total fees and charges.
Annual rebate when you invest through Wealth Club
The Guinness VCT includes an annual rebate for Wealth Club investors, payable for the first three years.
This is a rebate of our renewal commission and should be equivalent to a percentage (shown in the table above) of the Net Asset Value of the Offer Shares issued to you when you invest. Terms and conditions apply.
Deadline
- 31 October 2025 for early bird saving of 3%
- 31 December 2025 for early bird saving of 2%
- 31 January 2026 for early bird saving of 1%
- 1 April 2026 (noon) for allotment in 2025/26 tax year
- 30 June 2026 (3pm) for allotment in 2026/27 tax year
Our view
While the Guinness VCT is a new fund, it is overseen by a highly experienced EIS manager. The Guinness Ventures team has a strong track record of identifying and investing in fast-growing companies that have demonstrated an ability to generate revenues, have strong financials and sound business models.
The investment team is well resourced, and Guinness has raised and invested over £325 million into EIS and VCT-qualifying companies. Its existing EIS portfolio includes some of the UK’s fastest-growing small businesses. While these do not currently feature in the VCT, there may be an opportunity to participate in later follow-on deals.
All this could make Guinness a desirable destination for entrepreneurs seeking growth capital. That’s reflected in the VCT's growing portfolio, with investments made into 21 businesses across several sectors. There has also been progress within the portfolio, with Plotbox already delivering some initial returns at a healthy uplift to cost.
Investors should note that the VCT will not be paying dividends until at least early 2026. Despite fairly rapid deployment the portfolio will likely remain concentrated in the early years, potentially making it a riskier investment. Nonetheless, this may be an attractive option to complement an existing VCT portfolio.
This financial promotion has been communicated and approved by Wealth Club Ltd on 12 September 2025
Wealth Club aims to make it easier for experienced investors to find information on – and apply for – investments. You should base your investment decision on the offer documents and ensure you have read and fully understand them before investing. The information on this webpage is a marketing communication. It is not advice or a personal or research recommendation to buy any of the investments mentioned, nor does it include any opinion as to the present or future value or price of these investments. It does not satisfy legal requirements promoting investment research independence and is thus not subject to prohibitions on dealing ahead of its dissemination.