Tellworth's new investment trust for Marriage and Warren commences IPO

The Tellworth British Recovery & Growth trust (TBRGT) – which announced its intention to float on 2 September – commenced its initial public offering on 16 September, with a closing date for the initial intermediaries offer of 5 October at 5pm, and a closing date for initial placing on 7 October at 2pm.

The trust is aiming to raise £100m of capital via an initial issue of ordinary shares with the flexibility to raise up to £500m. Tellworth Investments will also launch a placing programme to be carried out over 12 months.

The trust, which will be co-managed by Paul Marriage, John Warren and Johnnie Smith, aims to achieve total returns over rolling five-year periods through investing in firms with a "significant presence in the UK". The vehicle, which will have a concentrated portfolio of between 35 and 45 stocks, will look to support businesses with equity and promote UK technology and innovation.

Paul Marriage, lead portfolio manager for TBRGT, said: "Brexit and the Covid-19 pandemic are causing fundamental shifts in the UK economy and markets across the globe. We strongly believe in the long-term future of the UK and that its flexible economy and focus on innovation will pave the way for an array of exciting investment opportunities at attractive valuations."

Fellow lead portfolio manager John Warren added: "We believe the UK government and businesses are united in focusing more and more on UK supply chains and self-dependence. Against this backdrop, we believe there is a desire from investors to back the UK recovery and put capital to work to support UK business and the economy as a whole.

"The investment trust structure not only allows us to use leverage effectively to enhance returns, but also to run a focused book with high conviction positions."