Wiltshire Brewer Wadworth Becomes First Company to Trade Shares on Asset Match's PISCES Platform
Updated: 6 days ago
Private company shareholders in the UK have a new, concrete answer to the question of when they can actually sell, and the first company to test it is not a startup at all, which is exactly why founders should pay attention.
Wadworth, the Wiltshire brewer that has been family connected since 1875, will run the first live trading auction on Asset Match's PISCES platform, opening on 11 August and running until 30 September. Asset Match received its FCA approval to operate a PISCES platform in April, becoming one of four approved operators alongside the London Stock Exchange's Private Securities Market, JP Jenkins and Vestd.
What happened
PISCES, the Private Intermittent Securities and Capital Exchange System, allows private companies to run scheduled trading windows for their shares in a regulated environment, without the continuous trading or public disclosure obligations of a full listing. Wadworth's shareholders, many of whom have held stock for years with no realistic route to sell, will be able to place shares into the auction, with company reports and details available to participants from early August ahead of the window opening.
The auction is a landmark for Asset Match specifically, its first live transaction since FCA approval, and a landmark for PISCES more broadly, since Wadworth is the kind of business the framework was designed for: privately held, family connected, with shareholders who have had capital tied up indefinitely.
Why it matters to UK founders and investors
It is worth being precise about what Wadworth is not. It is not a venture backed startup, and this is not a funding round. But the mechanism being tested here, a scheduled, regulated window in which existing shareholders can sell without the company needing to IPO or find a buyer for the whole business, is exactly the infrastructure that has been missing for scaling UK companies more broadly.
The comparison founders reach for most often is Monzo, a business that took years from its earliest funding rounds before staff or early backers holding vested equity had any realistic route to cash out. Moneybox tested a version of this problem in July with a PISCES enabled staff share sale ahead of its own listing plans. Wadworth's auction is a different case again: a long established private company with no immediate listing ambitions, using PISCES purely to give existing holders a liquidity option.
That range of use cases, from pre IPO staff liquidity to long term private ownership, is the strongest signal yet that PISCES is being adopted as general purpose private company infrastructure, not just a bridge for companies heading toward a public listing. For founders building UK companies today, particularly outside London where the pool of buyers willing to purchase illiquid private shares informally is thinnest, a working, tested PISCES auction process is a meaningful data point on what a future liquidity event could look like well before any exit.
What comes next
The Wadworth auction runs until 30 September, and its result, how many shareholders participate, what clearing price the shares find, and how smoothly the process runs operationally, will be closely watched by the three other approved PISCES operators and by companies weighing up whether to run their own auction. A clean result would give founders and their advisers real precedent to point to, rather than a regulatory framework that still exists mostly on paper.
Key takeaways
Wadworth's shares will be the first to trade on Asset Match's PISCES platform, in an auction running from 11 August to 30 September
Asset Match is one of four FCA approved PISCES operators, alongside the London Stock Exchange's Private Securities Market, JP Jenkins and Vestd
The auction shows PISCES being used for long term private ownership liquidity, not only as a pre IPO bridge, widening the framework's relevance to UK founders
A clean, well subscribed auction would give other private companies, and their scaling startup peers, a working precedent for running their own liquidity events
Sources:
Wadworth on Asset Match: timeline
August to September 2026: Wadworth and Co, a Wiltshire brewer and pub operator, runs Asset Match's first PISCES Designated Auction Period from 11 August to 30 September 2026. The auction is open to the investors PISCES allows: institutional investors, high-net-worth individuals, sophisticated investors and the company's own employees.
April 2026: Asset Match receives FCA approval to operate a PISCES platform on 22 April 2026.
February 2023: Wadworth begins trading its A Ordinary Shares quarterly on Asset Match, the matching arrangement the PISCES auction now extends into a longer trading event.
Frequently asked questions
Which company was the first to trade shares on Asset Match's PISCES platform?
Wadworth, the Wiltshire brewer that has been family connected since 1875, runs the first live trading auction on Asset Match's PISCES platform. The auction opens on 11 August and runs until 30 September.
What is PISCES?
PISCES, the Private Intermittent Securities and Capital Exchange System, lets private companies run scheduled trading windows for their shares in a regulated environment. It does not carry the continuous trading or public disclosure obligations of a full listing.
Which operators are approved by the FCA to run PISCES platforms?
There are four approved PISCES operators: Asset Match, the London Stock Exchange's Private Securities Market, JP Jenkins and Vestd. Asset Match received its FCA approval in April.
Why does the Wadworth PISCES auction matter for UK founders?
Wadworth is not a venture backed startup, but its auction tests a scheduled, regulated window in which existing shareholders can sell without an IPO or a sale of the whole business. Alongside Moneybox's PISCES enabled staff share sale, it suggests PISCES is being adopted as general purpose private company infrastructure.
Who can buy shares in Wadworth's PISCES auction?
The auction opens Wadworth's shares to the investors PISCES allows: institutional investors, high-net-worth individuals, sophisticated investors and the company's own employees.
Is PISCES only for venture-backed UK companies?
No. The FCA's PISCES rules were written to work for any private UK company, and eligibility depends on company status and investor type rather than sector or growth stage. Earlier high-profile PISCES users included Wayve, Oxford Science Enterprises and Moneybox, while Wadworth has no venture capital history. Charles Russell Speechlys argues that heritage and regional businesses could be a much larger constituency for PISCES than venture-backed tech.
This is just the beginning.