{"id":2180632,"date":"2026-10-12T15:10:02","date_gmt":"2026-10-12T14:10:02","guid":{"rendered":"https:\/\/www.thebusinessdesk.com\/northwest\/?p=2180632"},"modified":"2026-10-12T15:10:02","modified_gmt":"2026-10-12T14:10:02","slug":"manchester-tech-exit-delivers-4.4x-return-for-pxn-as-venture-capital-trust-reopens","status":"publish","type":"post","link":"https:\/\/www.thebusinessdesk.com\/northwest\/news\/2180632-manchester-tech-exit-delivers-4.4x-return-for-pxn-as-venture-capital-trust-reopens","title":{"rendered":"Manchester tech exit delivers 4.4x return for PXN as Venture Capital Trust reopens"},"content":{"rendered":"

Venture capital and investment firm <\/span>PXN Investments has announced a new \u00a310m fundraising offer for the PXN Growth VCT (Venture Capital Trust), with a further \u00a310m over-allotment facility, alongside plans for an estimated 5p per share special dividend following two successful exits.<\/span>
\n<\/span><\/p>\n

The proposed dividend is expected in January 2027, with investors in the first allotment eligible alongside existing shareholders, subject to being on the share register at the record date.<\/span>
\n<\/span><\/p>\n

The payment follows profitable exits from Manchester-based Street Group and AccessPay, delivering investment multiples of 4.4x and 1.24x, respectively.<\/span><\/p>\n

Both exits came earlier than expected in the portfolio\u2019s development, enabling PXN to propose a special dividend less than three years after the VCT\u2019s April 2024 launch.<\/span>
\n<\/span><\/p>\n

This performance-led payment would bring forward the start of shareholder distributions and is additional to the planned regular dividend programme, which targets annual payments of between four and six per cent of prevailing net asset value per share from the end of the 2027 financial year.<\/span><\/p>\n

Dividends remain subject to board approval and the availability of distributable reserves.<\/span>
\n<\/span><\/p>\n

The VCT generated an increase in net asset value total return of 10.4% since launch in April 2024 to July 2026.<\/span><\/p>\n

PXN Investments\u2019 analysis placed PXN Growth VCT as one of the best performing VCTs in the market, when compared with 38 comparison VCT funds over the same period.<\/span><\/p>\n

As reporting periods and calculation methods differ, this comparison should be used as a guide rather than a direct, like-for-like ranking.<\/span>
\n<\/span><\/p>\n

Its wider portfolio includes Glasgow-based digital healthcare business Phlo, named Fastest Growing Company of the Year at GP Bullhound\u2019s 2026 Northern Tech Awards and included in The Sunday Times 100 Tech 2026.<\/span>
\n<\/span><\/p>\n

PXN also recently announced the VCT\u2019s investment in MAGIC AI, whose AI-powered fitness mirror provides personalised coaching at home.<\/span><\/p>\n

The company has more than trebled annual revenue two years in a row. MAGIC AI was listed as Britain\u2019s fourth fastest-growing hardware company by The Sunday Times and placed 21st in the Financial Times\u2019 FT1000 list of Europe\u2019s fastest-growing companies for 2026.<\/span>
\n<\/span><\/p>\n

The portfolio combines these growth opportunities with an investment strategy focused on geographic diversification, giving investors exposure to fast-growing businesses across Northern England and Scotland.<\/span><\/p>\n

These regions account for a substantial share of the UK\u2019s economic output and high growth businesses, yet attract a disproportionately small share of venture capital funding, creating opportunities for investors willing to look beyond London and the South East.<\/span>
\n<\/span><\/p>\n

Approximately 64% of its identifiable UK portfolio companies were based outside London and the South East at July 31, 2026, compared with approximately 34% across the ten largest VCTs analysed by PXN.<\/span>
\n<\/span><\/p>\n

Drawing on the combined networks of Manchester-based Praetura Ventures and Edinburgh-founded Par Equity, PXN Growth VCT gives advisers a way to access these opportunities and reduce geographic concentration within their clients\u2019 existing VCT portfolios.\u00a0<\/span><\/p>\n

Caroline Flagg, deputy managing director at PXN Investments, said: \u201cTax relief matters, but the underlying investments must be the focus when selecting a VCT. Street Group and AccessPay have delivered profitable exits early in the PXN Growth VCT\u2019s life, allowing us to propose a special dividend ahead of our original timetable.<\/span><\/p>\n

\u201cFor advisers, there is also an opportunity to look more closely at where their clients\u2019 VCT money is invested. Holding several funds does not necessarily mean getting a broad geographic spread.\u201d<\/span><\/p>\n

She added: \u201cThe North and Scotland are producing exceptional growth businesses, and our early exits demonstrate the potential of that opportunity. Investors risk missing out if their portfolios keep backing the same postcode.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Strong early performance supports planned 5p per share payout, ahead of regular dividends from FY27<\/p>\n","protected":false},"author":217725,"featured_media":2180633,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[127685],"coauthors":[46761],"class_list":["post-2180632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-edinburgh-lothians","tag-featured-story","tag-greater-manchester"],"yoast_head":"\nManchester tech exit delivers 4.4x return for PXN as Venture Capital Trust reopens<\/title>\n<meta name=\"description\" content=\"Strong early performance supports planned 5p per share payout, ahead of regular dividends from FY27\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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