October 2025

We loved your opening remarks at the QCA Annual Dinner where you said, “We need more. Liquidity. Investment. IPO candidates. Confidence." And your call to "stop referring to the UK market as an underdog." What gives you optimism that the UK’s public markets can reclaim their confidence? And if you could change one thing to help make that happen, what would it be?

One thing! I am going to dodge that question and give what I hope is a concise and consistent answer here. Liquidity means we need more buyers than sellers. So, my asks are very simple as they generate buyers, which themselves have a positive compounding effect for growth companies. In no particular order:

• Investment in UK companies via ISAs - you get a UK tax break, so invest part in UK markets
• Remove stamp duty for IPOs
• Review reforms to Business Property Relief for AIM companies. Review the decision from last year’s budget to cut the relief in half
• Confirm that post this, BPR for AIM will be left alone until at least 2035
• Continue to urge Pension Funds to increase their investment to UK equities, particularly AIM

Why am I optimistic that public markets can reclaim confidence? Because very simply they represent an intergenerational buying opportunity on valuation grounds compared to their larger international peers.

We’re big fans of your podcast Investing for the Long Term. You and Rosemary Banyard have such honest conversations about what makes a great business. From those chats and your own investing journey, what have you learned about the kind of leaders who build companies that really go the distance, especially in today's market?

Resilience, adaptability and a bloody-minded attitude! And leaders who treat all employees fairly with transparency.

You’ve often said that people are at the heart of every good investment decision. When you sit down with a management team for the first time, what tends to give you that “yes, they’ve got it” feeling, and what are the little red flags that make you think, maybe not!?

Its the simple things really - a management team that can describe their business and their reason for being succinctly - and where you can see the unique advantage that allows them to protect margins, generate cash and therefore shareholder returns. It's about keeping it simple.

• Red flags are too many to mention - and they seem obvious but they are surprisingly common
• Arrogance - if a management team are arrogant with an investor then you can bet they are not good to employees, and employees tend to be the engine room and cash generators of the business
• Not answering the question
• Poor grasp of how to describe how the business makes money -I want to see that every penny is a prisoner and a focus on cash generation.

What is the most interesting thing you've read or watched recently?

I had not used it before, but I have added The Rest is Money podcast to my staple diet of the Today Programme, Times Radio and the usual data feeds - an easy link between politics, the economy and investing. Robert Peston can be a bit economically sanctimonious, but Steph McGovern is measured.

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Please note: The views and opinions expressed in this interview are those of the individual financial professional(s) and do not necessarily reflect the views or opinions of Alma Strategic. These insights are provided for informational purposes only and may not be relevant at the time of reading, as market conditions can change rapidly. The information provided should not be construed as investment advice or a recommendation to buy, sell, or hold any financial product or security. Individuals should conduct their own research and consult with a qualified financial advisor before making any investment decisions. Alma Strategic disclaims any responsibility for the accuracy or completeness of the information provided in this interview.