Veremark Becomes London Third PISCES Company With 6 Million Share Sale
Updated: 6 days ago
Veremark has opened a £6 million share sale on the London Stock Exchange’s Private Securities Market, giving staff and early backers a chance to sell vested shares for the first time.
The background-check startup is the third company to use the market under PISCES, the UK’s regulated framework for trading shares in private companies. The employee share sale takes place on 22 September. The auction is set for 7 October.
Veremark is using a new route for private company share sales
Veremark builds technology for employment background checks and worker screening. Its customers use the platform to check candidates before hiring, across areas such as identity, employment history and other job-related checks.
The company is now letting employees and early investors sell part of their holdings through the London Stock Exchange’s Private Securities Market. The exchange built that venue under the UK government’s PISCES regime.
PISCES stands for Private Intermittent Securities and Capital Exchange System. In plain English, it’s a regulated way for private company shares to trade from time to time, without the company needing to go public.
That matters because private companies usually have limited options for share sales. Staff may hold shares on paper for years. Early investors may want to return cash to their own backers. A private market sale can create a controlled path for both, while the company stays private.
The planned PISCES auction gives Veremark shareholders a set process, a date and a regulated venue.
The key dates are already set
The current timetable is simple.
Event | Date | What it means |
Employee share sale | 22 September | Eligible staff can sell vested equity |
Auction | 7 October | Buyers and sellers take part through the market |
Total transaction size | £6 million | The announced value of the share sale |
Veremark has positioned the sale as a milestone for its staff and early backers, not as a stock market listing. The company remains private.
That distinction matters. A public listing opens shares to a much wider market and brings a long list of public company duties. PISCES is narrower. It gives private companies a way to run selected trading events under a regulated structure.
Daniel Callaghan says credibility and cost mattered
Veremark chief executive Daniel Callaghan called the deal an “important milestone” in the City’s push to keep growing tech companies in the UK, instead of seeing them list or sell overseas.
He also pointed to practical reasons for using the market.
“The market is a very efficient way to make certain savings on stamp duty for both buyers and sellers,” Callaghan said.
He added that PISCES “carries the credibility and connections that we were looking for from a commercial perspective” and will give Veremark the “access needed for the next phase of growth.”
That language matters because it shows how founders may think about the model. This isn’t only about staff getting cash. It’s also about signalling maturity to investors, building buyer interest and keeping optionality open.
Why this matters for private tech companies
Private company equity can be hard to value and harder to sell. Startups often grant share options to attract staff when they can’t match the cash pay of larger companies. That works only if employees believe those shares may have value later.
The problem is timing. A company may stay private for a decade. Public listings have become less predictable. Acquisitions can take years or never happen. Staff who helped build the company may leave with shares they can’t easily sell.
A controlled share sale can help with that. It can offer liquidity without forcing a full exit.
For investors, it can also help price demand before a larger funding round or future listing. It doesn’t remove risk. Private company shares can still be hard to price. Buyer access may be limited. Sale rules can be tight. But it gives the market another tool.
For the UK, the bigger question is whether PISCES can make London more attractive for growth companies. The City wants firms to build, raise and stay in the UK for longer. A credible private share market could help, if enough good companies use it.
PISCES is still early
Veremark is only the third business to use the London Stock Exchange’s Private Securities Market under PISCES. That makes the deal a live test of the framework, not proof that the model has already won.
The next few months will show whether sellers get meaningful demand, whether buyers like the process and whether other startups follow.
For founders, the key point is simple. PISCES may become a useful middle step between staying fully private and going public. It won’t fit every company. But for businesses with staff shareholders, early investors and enough buyer interest, it could become part of the funding and retention toolkit.
What happens next
The employee sale on 22 September comes first. The auction follows on 7 October.
The result will be watched by UK startup founders, private market investors and policymakers. A smooth transaction would give PISCES more proof points. A weak process would raise questions about buyer appetite and market depth.
Veremark’s transaction is also a reminder that employee equity is no longer just a hiring line in an offer letter. Staff now expect clearer routes to value. Early backers want options before a sale or listing. Private companies need ways to manage both without losing control too early.
How we got here
The PISCES sandbox opened in June 2025, when the FCA published its final rules, and is due to run until June 2030. After that the FCA and the Treasury will decide whether to make it permanent.
Trading began in March 2026. JP Jenkins ran an order window for shares in board game maker QPLAY from 18 to 24 March, and the London Stock Exchange's Private Securities Market confirmed its first permissioned auction on 25 March, in secondary shares of Oxford Science Enterprises held through a tradeable private equity investment company. City AM counts Veremark as the third tech deal on the exchange's market, after a £63 million employee share sale by Wayve and a £45 million sale by Moneybox, both in July 2026.
Veremark launched in 2020 and, according to City AM, raised 26 million dollars in a Series B round earlier in 2026 at a valuation of 100 million dollars.
What it means for UK founders
The stamp duty point Callaghan raised has a statutory basis. HMRC guidance confirms an exemption from stamp duty and stamp duty reserve tax on transfers of PISCES shares made in connection with trading on a PISCES under the sandbox arrangements. That removes a transaction cost that would otherwise apply to many share transfers, and it applies only while trading runs through an approved platform.
Size matters less than structure. The three tech deals so far range from £6 million to £63 million, which suggests the market can work for a Series B company and not only for the largest private businesses. Founders thinking about a staff liquidity event may want to check whether their articles of association, pre-emption rights and option scheme rules allow a sale through a PISCES platform, and to take professional advice on the tax position for employees who sell.
Key facts at a glance
June 2025: PISCES sandbox opens, running to June 2030.
25 March 2026: first permissioned auction on the London Stock Exchange's Private Securities Market.
July 2026: employee share sales by Wayve (£63 million) and Moneybox (£45 million).
22 September 2026: Veremark employee share sale; auction on 7 October 2026.
Veremark Series B in 2026: 26 million dollars at a 100 million dollar valuation.
Tax: transfers in connection with PISCES trading are exempt from stamp duty and SDRT.
Sources
This article is for information only and isn’t investment advice.
FAQ
What is Veremark selling?
Veremark isn’t selling the whole company. The transaction lets eligible staff and early investors sell part of their vested shares through a regulated private market process.
What is PISCES?
PISCES is a UK framework for occasional trading in private company shares. It gives private companies a way to run controlled share sales without becoming public companies.
When is the Veremark auction?
The employee share sale is on 22 September. The auction is scheduled for 7 October.
Why does this matter for startups?
It gives private companies another way to help staff and early backers sell shares. That can support hiring, retention and investor planning, especially when a public listing is not close.
Is Veremark now a public company?
No. Veremark remains private. The sale uses a regulated private share market, not a public stock market listing.
Veremark’s £6 million sale is a small deal by public market standards. But for the UK’s private tech market, it’s a clear signal. Staff and early investors want structured ways to sell, and London wants to prove it can provide them.
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