Wiltshire-based brewer and pub operator Wadworth has become the inaugural member of Asset Match's Private Intermittent Securities and Capital Exchange System (Pisces), marking the first real-world test of the newly approved private markets platform.

The move allows existing Wadworth shareholders to sell a portion of their vested equity to a broader pool of buyers through a structured auction process. Pisces was designed to address a long-standing gap in UK markets: shareholders of private companies — including founders, employees, and early investors — often have limited options to realise value without a full sale or public listing. Participants will be able to access company reports and auction details starting 4 August, with orders accepted during Wadworth's first trading window running from 11 August through 30 September.

Founded in 1875, Wadworth is best known for its range of traditional ales, including its flagship 6X brand. The company has traded its A ordinary shares — a class of equity that typically carries voting rights — on the Asset Match platform since February 2023, with more than 300,000 shares changing hands to date.

Ben Weaver, Business Development Director at Asset Match, said the Pisces auction "represents the first opportunity" for a wider group of investors to acquire shares in Wadworth.

"We believe there is strong investor appetite for established private companies with recognised brands, tangible assets and long-term growth potential," Weaver said. "We expect Wadworth inaugural PISCES auction to attract significant interest."

Simon Townsend, chairman of Wadworth, said the transaction would "broaden awareness of the company" among investors.

Competitive landscape

Asset Match received its Pisces approval from the Financial Conduct Authority (FCA) in April, and the Wadworth listing represents the first test of whether the exchange can deliver meaningful liquidity to shareholders of unlisted companies. The FCA's approval of multiple Pisces frameworks forms part of a broader UK effort to modernise capital markets and improve access to private company shares, an area where liquidity has traditionally been concentrated among institutional investors and secondary broker networks.

The platform now faces the challenge of attracting other companies seeking to unlock shareholder value without a public listing, competing against rival platforms including JP Jenkins, Vestd, and the London Stock Exchange Group. Early traction across the sector has been mixed: while some platforms have facilitated notable transactions, deal volume remains thin as companies and investors assess the new frameworks.

Asset Match's platform welcomed fintech firm Moneybox last month, facilitating a £45m employee share sale, as well as autonomous driving company Wayve through a £63m employee share sale.

JP Jenkins has completed only one transaction under its own framework so far, finalising the deal for digital board game maker QPLAY in March. Vestd has yet to see a company list on its framework.