NTV Northern 2 VCT PLC

Portfolio Update - The Beauty Tech Group IPO

Portfolio Update - The Beauty Tech Group IPO

3 October 2025

Northern 2 VCT PLC

The Beauty Tech Group - Initial Public Offering

Northern 2 VCT PLC (“the Company”) is pleased to announce that its largest unquoted holding, The Beauty Tech Group (formerly Project Glow TopCo Limited), has today successfully completed its Initial Public Offering (“IPO”) on the London Stock Exchange.

The Beauty Tech Group (“TBTG”) operates in the global at-home beauty devices market, a fast growing area of the global beauty and personal care market. The Company first invested in TBTG in 2018, when the business generated annual revenues of less than £1 million and was loss-making. During the period of investment, TBTG has experienced significant growth and for the year ended 31 December 2024, reported revenues of £101 million and adjusted EBITDA of £23 million.

The IPO values TBTG at approximately £300 million (market capitalisation at the placing price), representing an uplift on the Company’s most recently published valuation of its investment.

As at 30 June 2025, the Company’s holding in TBTG was valued at £6.7 million, equivalent to 4.7% of net asset value. As part of the IPO, the Company has realised £2.4 million of its investment and based on the IPO valuation, the Company’s holding is now valued at approximately £5.6 million, equivalent to 3.9% of net asset value. The IPO price represents an uplift of approximately 0.5 pence per share compared to the valuation included in the most recently published net asset value as at 30 June 2025.

The proceeds from the IPO will provide TBTG with additional capital to accelerate its growth strategy. The Board welcomes this milestone for the Group and looks forward to its continued success as a listed company.

The impact of the IPO on the Company’s unaudited net asset value per share will be reflected in the next published NAV announcement.

Enquiries:

Sarah Williams / James Sly, Mercia Fund Management Limited – 0330 223 1430

Website:        /vcts

The contents of the Mercia Asset Management PLC website and the contents of any website accessible from hyperlinks on the Mercia Asset Management PLC website (or any other website), are not incorporated into, nor forms part of, this announcement.



EN
03/10/2025

Underlying

NTVNorthern 2 VCT PLC

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Northern 2 VCT PLC

 PRESS RELEASE
Free
NTV Northern 2 VCT ...

Issue of Supplementary Prospectus

Issue of Supplementary Prospectus 18 DECEMBER 2025 NORTHERN 2 VCT PLC ISSUE OF SUPPLEMENTARY PROSPECTUS AND RE-OPENING OF OFFER FOR SUBSCRIPTION TO FURTHER APPLICATIONS Further to the announcement made by Northern 2 VCT PLC (“the Company”) on 8 December 2025 in conjunction with Northern Venture Trust PLC and Northern 3 VCT PLC, in respect of the offers of new ordinary shares for subscription in the 2025/26 tax year, the Company has today published a supplementary prospectus (the "Supplementary Prospectus"). The Supplementary Prospectus refers to the increase in the size of its offer ...

December 18, 2025 1 EN
 PRESS RELEASE
Free
NTV Northern 2 VCT ...

Proposed increase in size of offer for subscription and re-opening of ...

Proposed increase in size of offer for subscription and re-opening of offer for subscription to further applications 8 DECEMBER 2025 NORTHERN 2 VCT PLC PROPOSED INCREASE IN SIZE OF OFFER FOR SUBSCRIPTION AND RE-OPENING OF OFFER FOR SUBSCRIPTION TO FURTHER APPLICATIONS Further to the announcement made by Northern 2 VCT PLC (“the Company”) on 17 September 2025 in conjunction with Northern Venture Trust PLC and Northern 3 VCT PLC, in respect of the offers of new ordinary shares for subscription in the 2025/26 tax year, the Company is pleased to announce that it intends, due to strong in...

December 8, 2025 1 EN
 PRESS RELEASE
Free
NTV Northern 2 VCT ...

Transaction in Own Shares

Transaction in Own Shares 8 DECEMBER 2025 NORTHERN 2 VCT PLC TRANSACTION IN OWN SHARES  Northern 2 VCT PLC (“the Company”) announces that on 5 December 2025 it purchased for cancellation under an existing authority granted by shareholders 2,656,520 ordinary shares of 5p each in the market at a price of 54.82p per share, representing approximately 1.04% of the Company's issued ordinary share capital. There remain 253,802,477 ordinary shares in issue.  In conformity with the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (the “DTRs”), the Company notifies the ma...

December 8, 2025 1 EN
 PRESS RELEASE
Free
NTV Northern 2 VCT ...

Total Voting Rights

Total Voting Rights 1 DECEMBER 2025 NORTHERN 2 VCT PLC TOTAL VOTING RIGHTS  In conformity with the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (the “DTRs”), Northern 2 VCT PLC (the “Company”) notifies the market that the capital of the Company as at 28 November 2025 consisted of 256,458,997 ordinary shares with a nominal value of 5p each. All the ordinary shares have voting rights. The Company does not hold any ordinary shares in treasury. The total number of voting rights in the Company is therefore 256,458,997 (“the Figure”). The Figure may be used by a sh...

December 1, 2025 1 EN
 PRESS RELEASE
Free
NTV Northern 2 VCT ...

Director/PDMR Dealings

Director/PDMR Dealings 25 NOVEMBER 2025 NORTHERN 2 VCT PLC DIRECTOR/PDMR DEALINGS Northern 2 VCT PLC (“the Company”) has been notified that in respect of the allotment of new ordinary shares pursuant to the Prospectus dated 17 September 2025, the following PDMR acquired ordinary shares of 5 pence each in the Company. PDMRDate acquiredNo. of shares acquiredPurchase priceper share (£)Total currentshareholdingThomas Chambers25 November 202549,2040.589496,195 These notifications are made in accordance with the Market Abuse Regulations. 1Details of the person discharging managerial respons...

November 25, 2025 1 EN

ResearchPool Subscriptions

Get the most out of your insights

Get in touch