Welcome to this latest Mobeus VCTs newsletter. In this issue, we highlight the plan for the renaming of the VCTs as well as providing an overview of performance and updates from across the portfolio.
Chief Investment Officer, Trevor Hope shares his thoughts on the wider market, covering updates on portfolio activity and deployment in the accompanying video. Portfolio Director, Marieke Christmann weighs in on the US tariff announcements and what they mean for UK growth companies.
We also showcase two of our portfolio companies MPB and Much Better Adventures.
We trust you will find this issue both informative and insightful. Should you have any questions or feedback regarding the Mobeus VCTs, please do not hesitate to contact our team
Renaming the VCTs
It was announced at the recent Annual General Meetings that took place on 5 March 2025, that the VCTs will be renamed. The licence for use of the ‘Mobeus’ brand name expires in September 2025, and ahead of this the proposal to change the name of the Mobeus VCTs to the ‘Gresham House’ VCTs has been agreed by the Mobeus VCTs’ Boards. The new names will be launched at the same time as the Interim Reports in mid June.
How will the renaming affect shareholders?
The Boards and the investment team are focused on providing continuity for shareholders, and only the names will change, taking on the name of the existing Investment Adviser, Gresham House. There will be:
No change in shareholder experience - the same levels of reporting and communication, delivered by the same team
A refreshed look and feel - to remove the former brand style
The name change will come into effect in June 2025, when the Interim Reports will be released.
Please note, existing share certificates will still be valid and new certificates in the new name will only be issued on an allotment, be that a dividend investment or as part of a future fundraise. If you have any questions, please get in touch with the team.
Income & Growth VCT plc will become Gresham House Income & Growth VCT plc
Mobeus Income & Growth VCT plc will become Gresham House Income & Growth 2 VCT plc
Performance and portfolio overview
H2 2024 performance for the Mobeus VCTs delivered an average NAV Total Return of (3.1)%.
Against the backdrop of significant economic and geopolitical uncertainty, the Mobeus VCTs portfolio has seen a modest decrease of 4.0% over the six months to 31 December 2024. Within this, the largest four investments, representing over 50% of the portfolio value, saw an increase of 4.5%.
NAV at 31 December 2024
Capital at risk. Past performance is not a reliable indicator of future performance.
Recent dividend payments
Dividend payments in H2 2024 and declared since
I&G: 3.0p paid on 18 October 2024 and 2.5p paid on 11 April 2025.
MIG: 2.0p paid on 11 April 2025.
Recent exits
In October 2024, the Mobeus VCTs received their final proceeds due from the exit from logistics, warehousing and removals business Master Removers Group (MRG). Over the nine-year hold period, the Mobeus VCTs generated a money multiple of 3.4x and an IRR of 26.6%.
New and follow on investments
Across 2024, £22.1mn of new and follow on investments were made across the Mobeus VCTs, with £7.5mn made over the second half of the year which included new investments into Mobility Mojo and Much Better Adventures and follow on investments into Orri, Vivacity Labs, Dayrize B.V, Branchspace, Preservica and FocalPoint Positioning.
Outlook
Despite these declines in the portfolio over the period, there has been a degree of resilience across the portfolio’s companies. Cash conservation is paramount in an environment of inflationary pressures alongside the likelihood that interest rates will remain higher for longer. Each active portfolio company has an experienced Gresham House representative on its board to provide necessary guidance and stewardship where appropriate.
There are positive signs that the pool of new investment opportunities available is beginning to increase. The Gresham House Ventures investment team targets meaningful stakes in companies in growing and nascent markets with the potential to generate strong returns for our VCT investors.
Capital at risk. Past performance is not a reliable indicator of future performance.
Supporting founders to create the right culture
“We like to introduce the talent function very early on in the process, really for the founders to understand what our capabilities are and what it means to have a supportive investment partner.”
In the first of a three-part series, hear how we work with founders pre and post transaction to support them as they build out their teams, redefining the value in talent management.
We hear from Peder Berger, CEO of Accredit Solutions and Conor O’Neill, Co-Founder and CEO of OnSecurity, as they discuss their experience of working with us.
Investment highlights
Watch our latest portfolio update video to hear highlights from six of our unquoted early-stage growth companies.
US tariffs - what they mean for UK growth companies
As investors focused on UK growth companies and startups, we’re closely monitoring the recent US tariffs and their implications. While the UK has been less affected than many other economies - with only the 10% global blanket tariff currently applying - these changes present important considerations for our portfolio.
UK businesses with direct US-market exposure face immediate challenges. Higher costs and reduced margins could slow US expansion for startups and scaleups. As companies pass some of these additional costs on to customers, softening demand creates additional hurdles for UK exporters.
Fortunately, services - including software - remain outside the tariff scope. This shields many of our portfolio companies, particularly in technology and professional services, allowing them to maintain competitive pricing and continue US growth without duty increases - for now.
Certain sectors face steeper tariffs beyond the 10% baseline. The automotive industry has been hit with a 25% tariff affecting both vehicles and parts, while discussions continue about extending similar measures to pharmaceuticals. Though not our core focus, these sectors matter for portfolio companies selling into advanced manufacturing and pharma.
The indirect effects warrant attention. While a 10% tariff may seem manageable, the economic ripple effects are complex. US demand may weaken as confidence reacts to price changes, and businesses may reduce spending. Even service companies could feel secondary impacts if their customers face cost pressures.
Case study 1: Wetsuit Outlet and Buster + Punch
Our Venture Partner, Bob Henry, highlights the strain tariffs have placed on UK firms selling Chinese-made goods to the US. Wetsuit Outlet faces challenges due to the extra handling costs involved in sending individual parcels containing Chinese-made products from the UK. They’re also competing with US resellers who prestocked Chinese goods stateside, avoiding immediate tariff costs. Once these advantages phase out, a level playing field is expected - but if the UK faces tariffs, US resellers may gain a long-term edge.
For branded manufacturers like Buster + Punch, a design-led luxury home accessory producer, the solution lies in leveraging their differentiation. Consumers willing to pay a premium for distinctive products help offset rising costs, while pricing adjustments and production efficiency improvements ensure competitiveness.
Strategic tip: To reduce tariff pressure, brands importing into the US should ensure that the import price is as low as possible, for example by minimising any management charge added to the cost price. While not a complete solution, this tactic can enhance overall resilience.
Case study 2: MPB’s regional model
MPB, a second-hand photo and video equipment platform, has built resilience into its operating model, as board member and Venture Partner Matt Mead explains. By establishing warehouses and refurbishment centres in the UK, US, and Germany, MPB created independent regional supply chains. This strategy reduced exposure to cross-border taxes and tariffs, providing a defensive moat against geopolitical uncertainties.
Broader implications and looking forward
Economists warn these tariffs will likely fuel inflation. In the US, this could trigger tighter monetary policy, increasing borrowing costs and potentially causing a recession - with serious global consequences, including for the UK.
Adding complexity is the Trump administration’s openness to bilateral trade agreements with selected countries. While this might eventually benefit the UK, it creates significant unpredictability. Until there’s clarity on potential exemptions, businesses operate in limbo.
Importantly, President Trump announced a 90-day delay in implementing reciprocal tariffs on certain countries, including the UK. While this pause temporarily eases pressure, it does little to resolve the underlying uncertainty. It offers a narrow window for UK businesses to reassess exposure, adjust pricing strategies, and prepare contingency plans - but does not remove the longer-term risk. As with previous delays, this may simply defer the inevitable, adding to the ambiguity facing exporters and investors alike.
Capital at risk. Past performance is not a reliable indicator of future performance.
This uncertainty is delaying investments and strategic decisions across markets with strong US trade links. Even businesses not directly affected by tariffs are likely to feel the knock-on effects of slower global trade. Higher costs, reduced international demand, and shifting supply chains are creating an environment fraught with uncertainty.
We believe that building resilient, region-specific networks and proactively addressing pricing strategies can offer businesses a lifeline. For UK growth companies, success will depend on adaptability and measured decision-making in this complex environment.
As investors, we’re providing flexibility and support to help portfolio companies navigate these conditions. We’re working with our portfolio founders, boards and management teams to prepare for market challenges without unnecessarily constraining growth.
Our evergreen fund structure gives us a distinct advantage - we’re not bound by fixed timelines and can wait for favourable exit conditions to maximise value. With dry powder available to support highquality portfolio companies facing temporary funding pressures, we’re well-positioned to weather this uncertainty and capitalise on opportunities as markets stabilise.
While volatility brings challenges, it also creates compelling investment opportunities for patient capital focused on fundamentals. As valuations adjust and competition decreases, disciplined investors can secure attractive entry points into quality companies. History shows that resilient, successful businesses often emerge during uncertain times, built on capital efficiency and sustainable economics. We remain alert to these opportunities, positioned to make selective investments where strong fundamentals align with longterm value creation.
At Gresham House Ventures, we continue to work closely with our investee companies to identify risks and adapt strategies. If your business is navigating similar challenges, we’d love to hear from you. By sharing insights and best practices, we can collectively respond to these global shifts with confidence and agility.
Article written by
Marieke Christmann Portfolio Director
Marieke joined Gresham House in February 2025 as Portfolio Director.
Marieke draws on over 15 years of industry experience. Prior to joining Gresham House Ventures, she was a senior investor and investment committee member at Forestay, a pan-European venture capital fund. She led a team focused on enterprise SaaS startups across the UK and Europe and served on the boards of four portfolio companies. Previously, she led the growth investment team at Octopus Ventures, serving on nine boards and managing new and follow-on investments as well as exits. She began her career in leveraged finance at NIBC (Frankfurt) and Credit Suisse (London).
Marieke has invested in and sat on the board of companies between £1mn and £100mn revenues and has deep experience supporting founders and management from first investment to exit.
She holds an MBA from Mannheim University. She is a mentor with Level20 and GAIN and serves as a Governor at West Wimbledon Primary School. Originally from Germany, she has lived in Spain and Mexico before moving to the UK in 2011.
Case study companies:
Useful documents
Mobeus Income & Growth VCT plc
Annual report and accountsSeptember 2024
The Income & Growth VCT plc
Annual report and accountsSeptember 2024
Half-year reports - June 2024
Half-year reports - March 2024
Arkk listed as one of Megabuyte’s 2025 Emerging Stars
Portfolio company Arkk was listed in the 2025 Megabuyte Emerging Stars Awards.
The 2025 Megabuyte Emerging Stars Awards have spotlighted the UK’s top 50 scale-up technology companies, recognising exceptional financial performance and potential for future growth. This annual accolade, part of the broader Megabuyte100 awards, evaluates companies with revenues between £3mn and £10mn, assessing them through a proprietary Scorecard methodology that emphasises growth, profitability, and size.
This year’s cohort was selected from over 800 contenders, placing them in the top 6% of UK scale-up tech companies - a testament to their outstanding achievements.
Read more here >>
CitySwift to partner with all London bus operators
Portfolio company CitySwift has announced the rollout of it’s platform to all bus operators in London.
Founded in 2016, CitySwift works with public sector transport authorities and private bus operators to break down the barriers to accessing and interpreting transport data.
This news follows a year of rapid growth for CitySwift in 2024.
Read more here >>
Company spotlights
MPB
MPB is a leading global platform specialising in the buying, selling, and trading of used photography and videography equipment. With a strong presence in the UK, US, and Europe, MPB offers a streamlined and secure way for photographers and videographers to upgrade their gear, sell unused equipment, or find high-quality used kit at competitive prices.
Since its founding in Brighton in 2011, the company has emerged as a leading force in the creator economy, built on a circular business model that champions both economic and environmental sustainability. MPB has revolutionised access to photography and videography gear through a technology-driven, customer-first approach that eliminates much of the risk and uncertainty typically associated with the second-hand market.
In 2016, Gresham House Ventures invested £2.1mn of growth capital to support the business’s international expansion into the US and German markets. Management has delivered exceptional growth ever since, In 2018 they co-invested with Beringea in a £5mn round and in July 2019, participated in a £9mn Series C round, led by growth VC firm Acton Capital, to provide this exciting business with the further capital to build on its commercial opportunity and first-mover advantage. In 2021, MPB raised £49.8mn, led by Vitruvian Partners to continue its international expansion.
Portfolio investments in smaller companies typically involves a higher degree of risk. Investments investment strategy and are not investment recommendations.
Much Better Adventures
Gresham House Ventures has committed a £5mn investment in Much Better Adventures, a fast-growing scale-up in the adventure travel sector.
Founded to meet the increasing demand for socially responsible and experience-led travel particularly among solo travellers seeking alternatives to traditional holiday models. Much Better Adventures offers exclusive, expert-led trips through a global network of carefully selected local operators. In a fragmented and highly competitive market, the company has demonstrated impressive organic growth, building a loyal global customer base.
Since 2019, revenues have increased elevenfold, tripling in the past two years alone, underscoring the strong appetite for its curated, high-quality adventures. With customers from over 100 countries, Much Better Adventures continues to inspire a new generation of travellers worldwide.
Investments selected for illustrative purposes only to demonstrate
Contact details
Chris Elliott
Managing Director, Wholesale
M: +44 (0) 78279 20066
E: c.elliott@greshamhouse.com
Andy Gibb
Sales Director
M: +44 (0) 78490 88033
E: a.gibb@greshamhouse.com
Rees Whiteley
Sales Manager
M: +44 (0) 75975 79438
E: r.whiteley@greshamhouse.com
Source for all information is Gresham House unless otherwise stated.
Risks to be aware of
The value of the Mobeus VCTs and the income from them is not guaranteed and may fall as well as rise
As your capital is at risk you may get back less than you originally invested
Past performance is not a reliable indicator of future performance
Any tax reliefs are dependent on your individual circumstances and may be subject to change
Funds investing in smaller, younger companies may carry a higher degree of risk than funds investing in larger, more established companies. Investments in smaller companies may be less liquid than investments in larger companies
Important information
This document is a financial promotion issued by Gresham House Asset Management Limited (Gresham House) as Investment Manager for Gresham House plc under Section 21 of the Financial Services and Markets Act 2000. Gresham House is authorised and regulated by the Financial Conduct Authority with reference number 682776 and has its registered office at 5 New Street Square, London EC4A 3TW. The information in this document should not be construed as an invitation, offer, solicitation of any offer, or recommendation to buy or sell investments, shares or securities or an invitation to apply for securities in any jurisdiction where such an offer or invitation is unlawful, or in which the person making such an offer is not qualified to do so. Whilst the information in this document has been published in good faith, Gresham House provides no guarantees, representations, warranties or other assurances (express or implied) regarding the accuracy or completeness of this information. Gresham House and its affiliates assume no liability or responsibility and owe no duty of care for any consequences of any person acting in reliance on the information contained in this document or for any decision based on it. Past performance is not a reliable indicator of how the investment will perform in the future. Your capital is at risk. Prospective investors should seek their own independent financial, tax, legal and other advice before making a decision to invest. This document has not been submitted to or approved by the securities regulatory authority of any state or jurisdiction. This document is intended for distribution in the United Kingdom only. Any dissemination or unauthorised use of this document by any person or entity is strictly prohibited. Please contact a member of the Gresham House team if you wish to discuss your investment or provide feedback on this document. Gresham House is committed to meeting the needs and expectations of all stakeholders and welcomes any suggestions to improve its service delivery.
