Autumn Budget 2025: VCT changes 08 Lucky Saint – building the world's defining alcohol-free beer brand 10 Company spotlight on HubBox - our latest investment 14 Win one of five £200 John Lewis vouchers - complete our shareholder survey In this
6 Autumn Budget 2025: VCT changes explained
10 Company spotlight on HubBox - our latest investment
14 Puma Client Relations team –here to support you
4
News from across the portfolio
8
Interview with Lucky Saint –building the world's defining alcohol-free beer brand
12 Elevating your shareholder experience
16 Exclusive
Jeremy Roberts Managing Director, Puma Investments
As we head towards tax year-end we’re delighted to bring you the Spring edition of Prosper magazine.
Welcome to the latest edition of Prosper
The magazine is packed full of content – highlighting news from across our VCT portfolio including NRG Gyms’ Glasgow expansion, plus Transreport receiving The King’s Award for Enterprise in Innovation, the UK’s highest accolade for business.
We feature an in-depth interview with Lucky Saint, exploring how its distinctive marketing and brand-building strategy is helping to shape the UK’s leading alcohol-free beer brand. We also spotlight our recent investment in HubBox, explaining what the business does and what attracted us to it.
Following the recent VCT changes announced in the Autumn Budget 2025, Managing Director of Puma Growth Partners, Rupert West and our in-house tax specialist, Jessica Franks reflect on what these changes mean for investors, and the opportunities for our VCTs going forwards.
Our Client Relations team highlights practical resources, including the Puma Portal, designed to help you stay connected to your investments. We also invite you to share your views through our annual shareholder feedback survey, with the chance to win one of five £200 John Lewis vouchers for taking part.
Thank you for your continued support and as always, please do reach out to our Client Relations team if you have any feedback or questions about your Puma VCT shareholding.
Jeremy Roberts Managing Director, Puma Investments
NEWS
FROM ACROSS THE PORTFOLIO
One of the UK’s leading snack brands, LOVE CORN has been named among Instacart's Fastest Growing Brands of 2025. Instacart is an American retail and delivery company working with 1,800 retailers, 100,000 grocery stores and 7,500 consumer brands. The brand was the Grocer UK’s SME Brand of the Year 2024 and is sold in over 20,000 stores across the UK and US.
The operating system that enables global consumer brands to grow in the Chinese market has announced a new partnership with Borghese Inc. The brand has earned a loyal following among Chinese consumers with its iconic FANGO Mud Mask and premium skincare formulations, and will leverage YASO’s tech infrastructure across general trade and social commerce channels to accelerate growth in China.
The company driving AI revolution in financial services was recently chosen to be part of the Financial Regulation Innovation Lab (FRIL) programme. Working alongside some of the UK's leading financial institutions – including Barclays, Lloyds Banking Group and NatWest – Aveni is one of 22 fintech firms selected for FRIL's Advice Guidance Boundary Review to tackle the issue of access to financial advice.
The high-value, low-cost gym chain recently opened a brand new state-of-the-art 30,000sq ft gym near Glasgow city centre. This is its first gym in Scotland and is in partnership with Tesco, reimagining excess retail capacity to meet consumers’ increasing demands for leisure facilities. This follows its recent acquisition of Pump Gyms, which marked a major milestone in its growth journey.
The digital account provider offering pre-paid spending cards and current accounts to customers from underserved communities won the ‘Innovation in Fintech Award’ at the Barclays Entrepreneur Awards 2025 in recognition of its incredible growth journey.
The business was also named one of the UK’s Top FinTech Companies 2025 by CNBC and Statista, alongside industry leaders including Revolut, Starling and Zopa.
As a global leader in accessibility technology, Transreport received The King’s Award for Enterprise in Innovation, the UK’s highest accolade for businesses. The award was presented by Kevin McGrath OBE DL, Representative Deputy Lieutenant for the London Borough of Hammersmith and Fulham, on behalf of His Majesty King Charles II and highlights the powerful impact of Transreport’s inclusive technology.
Managing Director, Puma Growth Partners
Jessica Franks Commercial Director and Tax Specialist, Puma Investments
Recent VCT tax changes explained
In this interview, Rupert West and Jessica Franks explore the recent VCT changes announced in the Autumn Budget 2025 and the impact of these changes – on both investors and our own investment strategy. Rupert and his team oversee all aspects of portfolio management for the VCTs. Jessica is an accountant and Chartered Tax Adviser and leads product innovation for our Puma VCTs.
What was announced in the Autumn Budget 2025?
JESSICA: From 6 April 2026, the way that VCTs can deploy capital is being materially extended. The limits that control how much VCT funding a company can receive are doubling, as shown in the table below.
CURRENT RATE NEW LIMIT FROM 6 APRIL 2026
£5m
Annual company investment limit
Lifetime company limit
Gross assets test
£10m for Knowledge Intensive Companies (KICs)
£12m
£20m for KICs
£15m before share issue
£16m after share issue
Source: gov.uk, November 2025
£10m
£20m for KICs
£24m
£40m for KICs
£30m before share issue
£35m after share issue
In addition, existing VCTs will be able to back larger companies, effectively meaning more support over a longer period. In return for this change, individuals investing in a VCT after 5 April 2026 will receive a reduced rate of upfront income tax relief – 20% instead of 30%.
AUTUMN BUDGET 2025
What will this actually mean for the VCT market?
JESSICA: We think in general this is very positive for investors and VCTs (and for our own VCT strategy). VCTs will be able to back larger companies and participate in later rounds of fundraising. Over time this will allow VCTs to give investors exposure to a more mature portfolio of companies. It will also allow VCTs to present themselves as more valuable partners to the most attractive companies, strengthening our ability to support their growth.
The Government’s announcement recognised that these extensions increase the generosity of the relief. By enabling larger companies to be supported, the risk for VCTs that adopt these changes may be reduced.
In particular what does it mean for our VCTs (Puma VCT 13 and Puma Alpha VCT)?
RUPERT: Our VCTs are ideally positioned to benefit from the new rules. Firstly, we invest in scale-ups, not start-ups. We already focus on ambitious UK scale-ups with proven market traction, leading larger rounds that support genuine strategic growth. Because we do not invest in start-ups, our investment team’s skills, experience and network are all aligned with companies that will be accessible to VCTs under the new limits.
We target well-managed, established, unquoted companies with clear product-market fit and average revenues of around £7 million1 – putting many close to profitability (around 40% of our portfolio already is2). Several of our companies sit near the existing investment cap, including CameraMatics, Lucky Saint and Pockit. The increased limits will allow us to back our existing success stories for longer.
By focusing on scale-ups, we have always positioned ourselves at the larger end of the VCT investible market. We have built the networks, reputation and added-value capabilities needed to win these opportunities. We expect to be able to target new companies at the upper end of this limit, utilising existing market positioning and knowledge to invest in slightly larger companies with our first cheque. This should add robustness as we continue to add diversification.
What do we expect the impact will be for investors?
JESSICA: It is important to remember that performance needs to be judged over the long term and is impacted by the overall strength of the economy. However, these changes should allow for better and more consistent performance. Why? Because every company that could previously receive VCT investment still can, but now VCTs can
invest in larger companies and participate in later funding rounds that previously were beyond reach.
We believe adding exposure to more mature companies should reduce volatility plus participating in later funding rounds should add to returns (from a cash perspective).
Focusing on the current environment – where are you finding opportunities?
RUPERT: When you step back and look at the last few years, it’s hard to overstate how challenging the environment has been for everyone – and particularly for people trying to build and grow small businesses. We’ve had domestic political instability, Covid, a sharp inflationary cycle, and prolonged pressure on both business and consumer confidence, followed by yet more uncertainty. Layer on top the current geopolitical backdrop and the pace of technological change, particularly around AI, and it’s made investment decisions unusually complex.
That said, you simply can’t do this job without having a fundamentally positive outlook – investors tend to be cynical optimists by nature. And there are good reasons for that optimism today. Global growth remains relatively robust, balance sheets across both consumers and businesses are in better shape than many might expect, and debt levels (outside government) are not unusually high. Savings have built up over recent years, and as interest rates come down, the appeal of holding cash starts to diminish.
Historically, that’s when capital begins to flow again – into spending, into growth, and into investment. Compared with the peak of the inflationary shock a couple of years ago, the environment is easing, and as conditions stabilise across the capital stack, we expect to see a materially stronger backdrop for investing in ambitious scale-up businesses.
(Commentary from February 2026)
Extending the EIS and VCT limits increases the real-terms generosity of the schemes. This continues to provide support to new and early-stage companies, as well as those scaling up” gov.uk, November 2025
1 Over the last 12 months to August 2025, compared to the minimum revenue requirement of £1 million, typically seen with other VCT/EIS providers. Source: Puma Investments, June 2025.
2 As of June 2025, based on the number of companies in the portfolio. Source: Puma Investments.
Building the world's defining alcohol-free beer brand
Kerrtu Inkeroinen Chief Marketing Officer, Lucky Saint
Portfolio company, Lucky Saint has grown rapidly to become the UK’s most recognised dedicated alcohol-free beer brand – breaking into the top five in UK grocery and growing faster year on year than any brand in the top 20.
We caught up with Kerrtu Inkeroinen, Lucky Saint’s Chief Marketing Officer, to learn how the business is investing in marketing, brand-building and innovation to scale in one of the fastest-growing beverage categories.
For those who may not know the brand, can you give us an overview of Lucky Saint?
Absolutely. Lucky Saint was founded seven years ago by Luke Boase, who still leads the business today. We are the UK’s number one dedicated alcohol-free beer brand – and the most-Googled and most-talked about brand in the entire category.
We’ve grown to become the fourth-largest brand in the on-trade (pubs and bars) and fifth in grocery, which means we’re now bigger than all the other alcohol-free specialist brands combined. We’re also the second-fastest-growing alcohol-free beer in the UK, just behind Guinness Zero.
Our mission is bold: to build the world’s defining alcohol-free beer brand – a brand people ask for by name, just like they’d order a Guinness rather than “a stout”.
What’s driving the growth in the alcohol-free category?
Consumer behaviour is changing dramatically. Around 75% of UK adults are moderating their alcohol intake, and one in three pub visits is now alcohol-free.1 That’s a huge cultural shift.
But while demand is rising, alcohol-free beer still accounts for only 2% of the UK beer market – compared with 15% in Spain.2 So there’s a huge growth runway for brands like Lucky Saint.
For pubs and hospitality, this shift is also a commercial opportunity: offering a high-quality alcohol-free option keeps customers spending, instead of defaulting to water or soft drinks.
Your brand-building approach is distinctive. How do you approach marketing at Lucky Saint?
We work to a simple mantra: break the rules, honour the traditions. As an alcohol-free-beer-only brand, we’re not tied to the conventions of mainstream breweries, which gives us space to think differently – while honouring the familiar cues that define great beer brands.
Our mission is bold: to build the world’s defining alcohol-free beer branda brand people ask for by name, just like they’d order a Guinness rather than “a stout”
For us, breaking the rules starts with the brand’s creative expression. Our visual world is intentionally bold and slightly surreal, built around our now iconic saint character used consistently across campaigns. In a category that typically leans on sunshine and pints imagery, we’ve taken the opposite approach, and it’s worked. Dry January has become a signature moment, with our London Underground campaigns now something consumers expect each year.
Draft is a game changer. We now have 1,000 Lucky Saint taps across the UK, giving consumers the ritual of ordering a pint – something they repeatedly tell us matters. People want to feel part of the round, and serving alcohol-free beer on tap elevates the experience and normalises the category.
That rule-breaking mentality shapes where we show up, too. We back communities who do the activity; runners, cyclists and people living active lifestyles –rather than targeting spectators. Our presence at events like the Hackney Half often make us feel more like a sports brand than a beer company. And our Strava partnership has seen over two million people take part in Lucky Saint challenges, strengthening our link with movement and wellbeing.
But we also know when to honour the traditions of beer. Over the past 18 months we’ve launched classic styles – an IPA, a Superior Lemon Lager and a Weissbier – bringing familiar brewing cues into the alcohol-free space and giving drinkers something they can feel proud to order.
We also own our own pub in Marylebone, London, with our office above it, which has become a brilliant testbed for understanding how consumers interact with the brand.
How else are you partnering to scale the brand?
Partnerships are core to our growth strategy. A major one is our long-standing relationship with Alcohol Change UK, making us the official alcohol-free beer of Dry January.
This is a trademarked term – and because we’re a dedicated alcohol-free brand, we’re the only beer partner it can work with. That exclusivity is hugely valuable for our trade partners and our brand positioning.
What’s next for Lucky Saint?
We’re continuing to scale distribution, expand our draft footprint, and invest heavily in brand-building that gives us a premium price position – we currently command a 22% price premium versus the category.
Innovation will continue to play a role, but our biggest focus is strengthening the brand so consumers ask for Lucky Saint by name. That’s when you know you’ve become synonymous with your category.
Discover Lucky Saint's superior alcohol-free beers, with a 20% discount
SEE PAGE 16
Company spotlight: a closer look at our latest investment
When we invest in new companies, they’re not always brands you’ll recognise straightaway. Many are specialist businesses solving complex problems behind the scenes. Here we take a closer look at our most recent investment – HubBox – and explain what it does and what attracted us to it.
HubBox provides out-of-home (OOH) delivery software that integrates directly with e-commerce checkouts, allowing customers to select convenient local collection points at the point of purchase. Parcels are delivered to secure lockers, convenience stores or post offices, rather than to the home, offering greater flexibility and security for consumers while reducing failed deliveries and operational costs for retailers and couriers.
Why we invested in HubBox
The platform is courier-agnostic and currently supports more than 1,000 live integrations, with established partnerships across major logistics providers including UPS, DPD, DHL and Asendia. This enables online retailers to offer OOH delivery without the complexity or cost of bespoke checkout development.
What’s so exciting about it now
We invested in HubBox because its software addresses a complex checkout integration challenge with a turnkey, cost-effective solution that is difficult for couriers to replicate. Integration is highly efficient, with most retailers able to onboard within days. HubBox has also built strong relationships with courier partners, providing direct access to retailers and supporting rapid adoption.
More than 1,000 live integrations across major courier networks including UPS, DPD and DHL”
The out-of-home delivery market is growing rapidly, driven by changing consumer behaviour, regulatory factors and the need for more efficient delivery networks. However, the supporting ecosystem remains underdeveloped, with complex checkout processes often limiting retailer participation. HubBox resolves this issue, opening access to a largely untapped market opportunity.
By reducing failed home deliveries and inefficient delivery routes, HubBox’s solution also contributes to lower carbon emissions, while improving delivery reliability and accessibility for consumers.
Year invested
5.1m Investment to date across Puma Funds Nominated Best “Out-Of-Home at Checkout” Software
What do we think the future holds?
HubBox is experiencing rapid growth in an expanding OOH delivery market. Following Puma’s investment, the company plans to extend its network of online retailers through both existing and new courier partnerships. In our view, HubBox is well positioned to benefit from continued growth in demand for flexible, efficient delivery solutions, and has the potential to become a leading platform in e-commerce logistics.
Elevating your shareholder experience
Our focus at Puma Investments has always remained firmly on enhancing the experience of our shareholders – making it easier, faster and more intuitive to stay connected with your investments. We know that great outcomes begin with great service, and great service is strengthened by smart, thoughtful technology.
The Puma Portal: clearer, simpler, more intuitive
The Puma Portal has become an increasingly central part of how shareholders (and their Financial Advisers) engage with their VCT holdings, and we’ve been listening closely to your feedback. Recent enhancements have focused on simplicity and transparency: clearer valuations, streamlined navigation, improved document access and more intuitive communication preference management. These developments are designed to make it easier for you to see what matters, when it matters – whether reviewing your holdings, tracking key updates or accessing important documentation.
Portal usage continues to grow across our VCT client base, and we look forward to rolling out further digital upgrades as part of our ongoing commitment to service excellence. Register using the QR code below.
Key features
Celebrating 5 stars of excellent service at the FT Adviser Service Awards
We are incredibly proud to share that Puma Investments has been recognised as a 5 Star Investment Provider at the 2025 FT Adviser Service Awards.
Electronic certificates: a more secure way to hold your shares
A major milestone over the last six months has been the launch of our new buyback service, which allows Puma VCT shareholders to dematerialise their shares (convert a paper share certificate into electronic format) with Puma Investments' appointed custodian –Pershing Securities Limited.
This aligns with wider industry developments: a cross-industry taskforce, supported by regulators and registrars, is working towards the phased removal of paper share certificates by 2027. The aim is to modernise the UK shareholding system, improve security and efficiency, and reduce administrative delays associated with physical documents.
For shareholders, this means that electronic certificates are likely to become the standard format over the coming years. They are safe, straightforward to store, and can be accessed whenever needed, removing many of the challenges associated with managing paper certificates. For more information, please contact the Puma Client Relations team at clientrelations@pumainvestments.co.uk or you can call us on 020 7096 8453
This prestigious industry accolade highlights the dedication and professionalism of our teams across the business. These awards are widely regarded as a benchmark for service standards across the retail financial services market.
For our VCT shareholders, this recognition serves as reassurance that you’re supported by an organisation committed to delivering an industry-leading service experience – built on reliability, transparency and trust.
Ellie Kakoulli Client Relations & Operations Director
Key dates for Puma VCT 13 and Puma Alpha VCT
Annual results to 28 February 2026
Published in June 2026
Puma VCT Shareholder update webinar
July 2026
Interim results to 31 August 2026
Published in November 2026
Your feedback helps shape what we do
Share price and regulatory news
Shares for Puma VCT 13 and Puma Alpha VCT are listed on the London Stock Exchange.
You can sign up for email alerts, via londonstockexchange.com to receive updates.
Each year, we invite shareholders to share their views through our feedback survey. The feedback we receive plays an important role in shaping how we work, helping us understand what matters most to you and where we can continue to improve.
Your insights inform real changes across the business, and we genuinely value the time you take to share them.
If you’re able to spare two minutes to complete the survey, we’d really appreciate hearing from you.
Useful resources to manage your investment
Dividend Reinvestment Scheme
This Scheme provides the opportunity to reinvest cash dividends into new shares in the VCT, and is open to both existing and new shareholders. Dividend proceeds used to purchase additional shares in the same VCT are considered a new VCT share issue, meaning shareholders can claim up to 30% income tax relief on the amount reinvested.1
Please note, following changes announced in the Autumn Budget 2025, for investments made on or after 6 April 2026, shareholders will be able to claim up to 20% income tax relief on VCT investments up to £200,000 each tax year.
Shares must be held for a minimum of five years to retain any tax reliefs claimed. Reinvested dividends will count towards your £200,000 annual VCT allowance – the maximum amount on which you can claim tax relief.2
Joining the scheme is easy
Click to access the T&Cs and download the relevant forms for both Puma VCT 13 and Puma Alpha VCT
VCT Share Buyback Scheme
The Puma VCT Share Buyback Service supports shareholders with the process of selling their shares in a simpler and more cost-effective way.
The Service allows shareholders who have held their shares for five years or more, to sell their shares back to the VCT at a discount of 5% to the latest published NAV. The intention is for buybacks to occur twice a year, around January and July, subject to the conditions on this page.3
Look out for upcoming buyback dates at www.pumainvestments.co.uk
Guide to claiming VCT tax relief
Investing in VCTs offers valuable tax benefits.2 There is no capital gains tax to pay when you sell your VCT shares, and dividend payments are also tax-free. Additionally, you can claim income tax relief of up to 30% on investments made before 6 April 2026 and 20% for investments made on or after 6 April 2026, provided you hold your VCT shares for at least five years and subject to some other conditions.4
Click here to download the full guide
1 The Dividend Reinvestment Scheme is subject to terms and conditions which can be found in the Company Prospectus, available on our website. Shareholders who are in any doubt about their tax position in respect of participating in the Dividend Reinvestment Scheme should consult their Financial Adviser.
2 Tax reliefs are not guaranteed, depend on the individual investor's circumstances and may be subject to change.
3 Buybacks are subject to applicable regulations, market conditions at the time and the Company having both the necessary funds and distributable cash reserves available for the purpose. The making, timing and frequency of any share buybacks will remain at the absolute discretion of the Board.
4 Tax reliefs are not guaranteed, depend on individuals’ personal circumstances and a five-year minimum holding period. Please note, that this is only intended to provide information – it should not be interpreted as tax advice. While it reflects our current understanding of the tax relief benefits of VCTs and how you might be able to claim these tax reliefs, this might change in the future or may not apply to you, given your personal circumstances. If you are in any doubt or need further advice or guidance about your personal circumstances, contact a Financial or Tax Adviser.
Exclusive discounts from two of our portfolio companies
As part of being a Puma VCT shareholder we are delighted to offer you exclusive discounts from our portfolio companies. It's our way of thanking you for being part of our growth journey.
These offers are available to existing Puma VCT shareholders only and are not for onward distribution. Terms and conditions may apply.
Enter PUMA20 at the checkout
TravelLocal is on a mission to reimagine travel as a force for good, and has helped more than 70,000 customers create the perfect trip. TravelLocal will match you with a local expert, who will then use their knowledge and experience to plan an unforgettable trip tailored to you. Terms and conditions apply.
travellocal.com
Risk factors
An investment with Puma Investments carries risks; for more information please see below and visit www.pumainvestments.co.uk. Past performance is no indication of future results and share prices and their values can go down as well as up. Minimum returns are not guaranteed. An investment with Puma Investments can be viewed as high risk. Investors’ capital may be at risk and investors may get back less than their original investment. Tax reliefs depend on individuals’ personal circumstances, minimum holding periods and may be subject to change. Some investments should be regarded as illiquid and it may prove difficult for investors to realise immediately or in full the proceeds.
Legal disclaimer
This communication has been prepared by Puma Investments for information purposes only and should not be read as advice; it is intended for the recipient only and should not be forwarded on. Puma Investments is a trading name of Puma Investment Management Limited (FCA No 590919), which is authorised and regulated by the Financial Conduct Authority. Registered office address: Cassini House, 57 St James’s Street, London SW1A 1LD. Registered as a private limited company in England and Wales No 08210180.
PI003275 0326
Lucky Saint is the UK’s number one dedicated alcohol-free beer brand. Discover its superior alcohol-free beers, including its Superior Unfiltered Lager and Superior Hazy IPA, with a 20% discount.
Available for new customer online purchases, on a minimum spend of £12. The discount applies to the beer, and a delivery fee is added after.
Click here to access your discount
Get in touch
If you have any questions please contact us on 020 7096 8453 or email us at clientrelations@pumainvestments.co.uk
For further information, please visit www.pumainvestments.co.uk
Puma Investments, Cassini House, 57 St James’s Street, London SW1A 1LD
