Tellworth British Recovery & Growth Trust: an investment trust for Brexiters?


Optimistic Brexiters will soon have a new focused investment trust to enable them to put their money where their mouth is and back their political convictions.

Tellworth British Recovery & Growth Trust PLC (TBRGT) has announced plans to float in London and raise between £100mln and £500mln. 

Set up by Tellworth Investments, a boutique investment house founded by former Cazenove Capital and Schroder fund managers Paul Marriage and John Warren.

In case the name of the fund isn’t clear enough, Tellworth say the investment trust will invest principally in “UK listed companies with a significant presence in the UK”.

The TBRGT trust, which will be managed by Marriage, Warren and colleague Johnnie Smith, will have a “relatively concentrated” portfolio stocked with the Tellworth team’s “highest conviction ideas across the market capitalisation spectrum within the UK equities sphere”.

Tellworth is described as a partnership with Edinburgh-based BennBridge Ltd, which itself is part of Malaysia’s BFM Group, which describes itself as “a multi-boutique investment company that partners with asset managers across the globe to deliver actively managed funds in the listed equity space”.

The flotation is being run by broker Numis Securities.

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