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.
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.
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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 (B)
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