First-time investors are increasingly looking beyond traditional markets in search of something simpler: stability. 

Amid growing geopolitical tension, shifting fiscal policy and ongoing market volatility, tangible assets are attracting renewed attention. Unlike traditional asset classes like equities, bonds or crypto, which can react sharply to global events, physical assets such as whisky casks tend to move more slowly and, for many investors, more predictably. 

Recent figures from UK whisky broker VCL Vintners suggest this shift is already underway. The firm reported a 15.3% increase in the volume of managed casks in 2025, alongside a 21.8% rise in new accounts, with the strongest growth coming from younger, first-time investors. 

A search for stability in uncertain times 

Traditional markets have faced sustained pressure in recent years. Ongoing global conflicts, trade tensions and changing tax regimes have contributed to an environment where prices can change quickly, sometimes within hours. 

For newer investors in particular, that volatility can feel difficult to navigate. 

“Against a backdrop of economic uncertainty and rising tax burdens, we’re seeing investors look to diversify their portfolios,” says Benjamin Lancaster. “Many are looking beyond traditional bonds and equities for longer-term, asset-backed exposure.” 

Tangible assets offer a different rhythm. Their value is typically linked to physical factors such as age, scarcity and demand rather than daily market sentiment. 

Why whisky behaves differently 

Whisky, in particular, has characteristics that set it apart from more liquid assets. Casks mature over time, a process which cannot be hastened. Because of this, value usually builds incrementally rather than move in response to short-term news. While environmental influences such as tariffs or trade disputes can affect the price of bottled whisky, their impact on maturing stock is often less immediate. 

At the same time, global demand continues to evolve. Growing affluent populations in markets such as India and China are driving long-term interest in premium spirits, even as production cycles and inventory levels shift in the short term. Periods of oversupply can occur – such as the industry is experiencing now, leading to distilleries scaling back production, but these periods of quieter sentiment often set down a marker for future scarcity, given the time required for whisky to mature. In that sense, a more subdued market may present a better entry point for investors, as it reflects long-term availability rather than short-term momentum. 

A longer-term mindset 

This dynamic means whisky cask investment is not suited to immediate gains. 

“It’s not a short-term play,” Lancaster explains. “Maturation takes time, so investors need to think in terms of years rather than months.” 

That longer horizon is part of the appeal. In contrast to markets where mood can change rapidly, whisky rewards patience – something that appears to resonate with first-time investors approaching the market more cautiously. 

VCL reports that newer clients are increasingly focused on exit planning and asset security from the outset, suggesting a more informed and disciplined approach to alternative investing. 

Returns, demand and diversification 

While past performance is not a guarantee of future results, VCL has recorded average annualised returns of 13.81% for clients who exited their investments in 2025. 

At the same time, interest in the asset class continues to broaden. 

“Premium spirits, and specifically whisky, have been a solid mid- to long-term investment for many years,” Lancaster says. “We’re seeing growing demand from both individual and institutional investors as part of a wider portfolio.” 

He also points to the expansion of the whisky market itself. Compared with five years ago, there is now greater access to aged stock, alongside a wider range of producers, from established Scottish distilleries to newer entrants in international markets. 

Trust and transparency in a changing market 

As interest grows, so too does scrutiny. Whisky cask investment has historically been an opaque market, with limited standardisation around ownership records and reporting. For many investors, confidence now depends on greater transparency and professionalisation. VCL’s digital management platform enables clients to track their holdings, access documentation and monitor performance over time – a reflection of broader changes across the alternative asset space. 

“We set out to create a gold standard for the industry,” says Lancaster. “Providing clear, independently verifiable information allows investors to make informed decisions.” 

A growing role for tangible assets 

As global uncertainty continues, the appeal of tangible, long-term assets is unlikely to fade. 

For first-time investors especially, whisky casks represent a combination of physical ownership, value creation over time and exposure to global demand without the persistent flux of traditional markets. 

With assets under management now exceeding £151.2 million, VCL’s figures suggest that this shift is not just theoretical, but already taking shape. 

To learn more about Whisky Investment visit www.vclvintners.com or follow at 

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Taylor Wimpey shares fell on Tuesday after warning of pricing pressure and higher-than-expected build cost inflation amid an increasingly uncertain macro backdrop.

FTSE 250 Taylor Wimpey is the latest housebuilder to flag a challenging environment, sending shares lower by 4%. Investors, however, will be thankful that the market reaction wasn’t as severe as that experienced by some of its peers in recent weeks.

The net private sales rate came in at 0.74 per outlet per week for the year to 26 April, slightly below the 0.77 achieved in the same period last year.

Excluding bulk sales, the rate was 0.72, down from 0.76. Cancellations improved, however, falling to 14% from 16%.

“Taylor Wimpey’s momentum was building well over the early months of 2026, but the conflict in the Middle East has brought additional challenges,” said Aarin Chiekrie, equity analyst, Hargreaves Lansdown.

“For the year to 26 April, sales rates were only slightly lower than the prior year despite an increasingly uncertain macroeconomic backdrop. But affordability remains a key issue for buyers to wrestle with, especially in the South of England, where the group decided to phase out its Greater London apartment schemes and funnel the cash into other areas of the business.”

The total order book stood at £2.23bn, representing 7,689 homes, compared with £2.34bn and 8,153 homes a year earlier.

Overall pricing in the order book is running around 1% lower year-on-year, with the most acute pressure in the South of England where affordability is most stretched, and in Greater London apartment schemes the company is actively phasing out of.

Taylor Wimpey, like all housebuilders, is in desperate need of a dovish reaction from the Bank of England to the war in the Middle East. A signal of interest rate hikes will not be taken well.

Adsure Services says its audit and assurance business has continued to trade strongly through FY2026, with key metrics tracking consistently with the prior year as its AI-powered tool moves closer to deployment.

The group’s trading subsidiary, TIAA Limited, grew its presence in the housing sector, adding customers and gaining market share, while the education practice remained a pillar of strength with rising contract values.

Management acknowledged some mild softening in other areas due to reduced tendering opportunities, but said the diversified base of clients and contracts has offset the impact.

Working capital management was a notable bright spot. Debtor days fell from 43 to 39, and aged debt was slashed by approximately 85%, reflecting tighter credit control and improved cash collection.

The more significant development may be on the technology front. TIAA’s AI large language model, developed with the support of an Innovate UK Knowledge Transfer Partnership grant secured in late 2023, has completed its latest round of testing with positive results.

Trained on TIAA’s historic customer data, the tool is designed to improve operational workflows and enhance client outcomes across government-funded organisations.

Management said it believes the proprietary technology has the potential to deliver material operational benefits and unlock new commercial opportunities, and that the next phase of deployment is now being prepared.

Adsure has posted improving margins in recent years, and one would expect the successful implementation of the AI tool across the business to translate to even more improvement.

Sarah Prescott, CFO of Adsure Services, said: “I am pleased to report that the Group has continued to trade strongly through FY2026, with performance tracking consistently with the prior year and encouraging momentum across our core markets. TIAA’s growing presence in housing and the continued strength of our education practice offsetting modest softening in other areas, showing the resilience of our business model and the value our clients place on the quality and consistency of our services.

“A key highlight of the period has been a significant improvement in our working capital performance, reflecting sustained focus on credit discipline and cash collection across the organisation. 

“Looking ahead, I am especially excited about the progress of our ‘Fit for Future’ technology programme.

“We believe our proprietary AI tool can deliver material operational benefits across the Group, improve outcomes for our clients, and unlock new commercial opportunities as we move into the next phase of deployment.” 

The FTSE 100 rose on Monday as investors geared up for a busy week of central bank action, which will see interest rate decisions from the Bank of England, the Federal Reserve, and the ECB.

European stocks started the week on a positive note, with financial and energy shares helping the FTSE 100 rise 0.2%.

“Equity markets pushed ahead in Europe despite oil prices creeping ever higher,” says Russ Mould, investment director at AJ Bell.

But a series of central bank meetings later this week means the relative calm in markets may not last for long. The meetings will provide an insight into central bank thinking and help set expectations for interest rates later this year.

Investors will watch keenly for any hint of interest rate hikes that could upset demand for risk assets through the summer.

“Central bankers meet this week just as warnings about a severe energy crunch mount,” said Susannah Streeter, chief investment strategist, Wealth Club.

“While no change is expected at the Bank of England, the Fed or the European Central Bank, outlook statements will be closely watched for guidance about what could lie ahead for interest rates. Officials at the Bank of England are set to stay super wary.

“While price pressures are clearly mounting, the economy is set to struggle and that could limit the chances of inflation becoming embedded. So, while they are likely to indicate that a fresh hike could be ahead, there are unlikely to be any knee-jerk moves, until there’s more clarity about the length of the Iran conflict. “

FTSE 100 movers

Burberry was the FTSE 100’s top riser as the luxury brand continued its recovery from the war-induced sell-off. The decline in Middle Eastern shoppers in Europe has been a major concern for luxury names, but the recent rally suggests those worries are starting to subside.

M&G rose 1.7% after Berenberg analysts bumped their price target up to 370p.

Whitbread was among the gains on reports it was planning to sell off £1.5bn worth of its hotels.

“Reports suggest it will sell one in five of its freehold hotel properties and lease them instead,” Russ Mould said.

“It is increasingly common for hotel operators not to own the buildings in which they operate, and for Whitbread it would mean a big cash injection and a pot of money that could be returned to shareholders.

“Whitbread has found life harder going in recent years, particularly in the UK, and needs to do something to win back the market’s support.”

Asia-focused financials Standard Chartered, HSBC and Prudential caught investors’ attention on Monday with the three all trading higher by around 1%.

Firmer oil prices made BP and Shell obvious places to deploy cash. BP rose 1.1% and Shell was 0.5% higher.

Entain was the FTSE 100’s top faller after Bank of America analysts slashed its rating to neutral.

Specialist NHS care provider One Health Group has made an impact in its first full year as an AIM-listed company, reporting revenue and EBITDA ahead of market expectations in a trading statement released on Monday.

The group delivered double-digit growth across every key metric, with revenue risinh 13% to £32.0m for the year to March 2026, comfortably ahead of the £29.4m consensus.

Underlying EBITDA is also said to have surpassed the £2.3m market consensus.

Growth was driven by new NHS patient referrals, which climbed 11% to 18,931 as consultations jumped 20% to over 50,700. Surgical procedures rose 15% to 8,113.

One Health provides NHS care for patients referred for treatment in Orthopaedics, Spine, General Surgery, Gynaecology and Urology, operating from 40 of their locations across the UK.

The company expanded its consultant base by 10% to 88, opened three new outreach clinics, bringing the total to 40, and increased its surgical operating facilities by 40%, from 10 to 14.

Construction of One Health’s first purpose-built surgical hub in Scunthorpe is underway, on track for delivery within a year and within the £8m to £9m budget. The company says the hub is central to the company’s strategy of building owned capacity in underserved areas with high NHS demand. Management said further locations are being assessed for future development.

Adam Binns, Chief Executive Officer, said: “We are delighted to deliver a strong year end trading update ahead of market expectations for our first full year following our AIM listing and that construction of our first surgical hub commenced during this period.

“NHS national waiting lists remain very high, despite continued NHS efforts and recent modest reductions, and we are proud that One Health remains well-positioned to continue to reduce pressure on the NHS by providing free high-quality care across underserved areas.”

The trading update was warmly received by the market, and One Health shares were trading 4% higher at the time of writing.

Professional services provider Christie Group (LON: CTG) beat previously upgraded profit forecasts for 2025. Pre-tax profit jumped from £2.6m to £6m, helped by the sale of loss making operations, and the dividend was raised 56% to 3.5p/share. Additional hires will increase costs this year, so profit is forecast to fall to £4.6m. The share price is one-quarter higher at 150p, which is 11 times prospective 2026 earnings.

Some positive news from AOTI (LON: AOTI) with additional data on its TWO2 treatment showing effectiveness in treatment of hard to heal wounds and a low level of recurrence. Hospitalisations and amputations were low. AOTI is still awaiting the CMS coverage determination for the wider Medicaid population in the US. That will give greater access to the treatment. The share price recovered 18.8% to 50.5p.

Oscillate (SRVL), which is changing its name to Serval Resources, has moved from Aquis to AIM. A placing and offer raised £2.96m at 22.5p/share to finance exploration of licence areas in the Kaoko Basin in Namibia and the Kalahari copper belt in Botswana. The share price is 17.8% of the issue price at 26.5p.

Membrane-free electrolyser technology developer Clean Power Hydrogen (LON: CPH2) has signed a memorandum of understanding with ABE Gruppe concerning a potential supply and installation of up to 175MW of capacity over ten years. ABE is a subsidiary of BKW a large Swiss infrastructure and energy services group, and it also has operations in Germany and other European countries. This would be a significant deal for Clean Power Hydrogen, and it would generate service revenues. The share price increased 10% to 11p.

FALLERS

South Africa-focused heavy mineral sands company Kazera Global (LON: KZG) is reducing its cost base and improving efficiency of operations, including director fee deferrals until the end of August, so that there is a pathway towards sustainable cash generation. Additional short-term funding is required. Talks continue with a potential partner for heavy mineral sands operations at Whale head Minerals. Obtaining the 2A mining right will increase the scale of the project. The Deep Blue Minerals operation has put inland diamond mining on hold due to diesel shortage, although recovery of beach and marine gravels production derived from heavy metal sands production is continuing. Discussions continue with Hebei Xinjian about the African tantalum project and the recovery of outstanding debt. The share price slumped 22.2% to 1.05p.

Celsius Resources (LON: CLA) says it was not informed of Makilala Mining Company selling and assigning its loan under the Omnibus Loan and Security Agreement to Equinaire Holdings. Celsius Resources is assessing its position. The share price dipped 15.4% to 0.55p.

Content management systems provider Ingenta (LON: ING) improved revenues by 1% to £10.3m, with 89% recurring. Gross margin improved, but that was more than offset by increased sales and marketing spending. Pre-tax profit fell from £1.7m to £1.6m. Net cash was £4.7m at the end of 2025. Revenues are likely to be flat this year as declines in legacy products are offset by new business. Cavendish has put its target price under review. The share price slid 6.98% to 100p.

digital content technology and direct carrier billing services provider Bango (LON: BGO) is focusing on higher margin and subscription business. Subscriptions revenues were 22% ahead at $22.2m and annualised recurring revenues 30% higher at $18.2m. Net revenues retention was 117% last year, which indicates the growth in spending by existing customers. The payments revenues were lower, but higher margin business rose. Overall group revenues for 2025 fell 2% to $52.2m. Adjusted EBITDA was 7% higher at $16.4m, which was more than the capitalised development spending of $13.6m. There were exceptional charges of $6.4m, which relate to the restructuring of the business and cost savings. Net debt was $9.2m at the end of 2025. R&D spending should reduce this year, and new business continues to be won. The share price fell 8.39% to 71p.

The value of Yellow Cake shares was underscored by its latest quarterly update, which shows shares are trading at a discount to the underlying value of its assets.

Yellow Cake, which holds physical uranium to capture price appreciation, bolstered its physical uranium position in the first quarter, adding more than 1.4 million pounds and ending March with 23.1 million pounds of U3O8, up from 21.7 million pounds at the start of the year.

The increase came primarily from the delivery of 1.33 million pounds from Kazatomprom at $75.08/lb, the exercise of Yellow Cake’s 2025 purchase option, and a 100,000-lb spot market purchase delivered to Orano’s facility in France.

The value of those holdings rose 9.7% over the quarter to $1.94bn, driven by the expanded stockpile and a modest increase in the spot price from $81.55/lb to $83.95/lb.

The estimated net asset value per share climbed 5.0% to £6.33, helped further by sterling’s depreciation against the dollar. The pro forma NAV as of 24 April stood at £6.34 per share. This compares to a share price of 594p on Monday.

Providing commentary on the market backdrop, Andre Liebenberg, CEO of Yellow Cake, said: “The first quarter of 2026 marked a transition from policy ambition to large-scale implementation, accentuated by the conflict in the Middle East once again highlighting the importance of energy security.”

“With 39 nations now committed to tripling nuclear capacity, the World Nuclear Association projects global capacity could reach 1,446 GWe by 2050, surpassing the targets launched at COP28 in 2023. This momentum is evidenced by China elevating its 2030 target to 110 GWe, near double its current capacity, and the U.S. ‘UPRISE’ initiative, which fast-tracks reactor uprates to power the AI and data centre revolution.

“While we welcome the progress of long-dated supply projects like NexGen Energy’s Rook I and Denison’s Phoenix, the market remains structurally tight today. We see utilities increasingly prioritising security of supply, driving term prices higher as they compete for limited available material.

“Against this backdrop, Yellow Cake continues to deliver tangible value for shareholders. Our oversubscribed US$110 millionplacing and the exercise of our Kazatomprom option have grown our holdings to 23.1 million pounds, with committed purchases expected to increase holdings to approximately 24.4 million pounds.”

Christie Group shares surged on Monday after the professional and financial services group announced bumper preliminary results for 2025.

Christie Group has delivered a standout year, with operating profit from continuing operations almost doubling and the board hiking the final dividend 57% to reflect what it called a transformative period for the business.

Revenue from continuing operations jumped 19.2% to £70.6m, comfortably ahead of board expectations, with an unexpectedly strong burst of deal completions in the final weeks of the year pulling forward activity originally pencilled in for early 2026.

Operating profit surged 95.5% to £6.9m, lifting margins from 5.9% to 9.7% in a step change that management said demonstrates the operational gearing now embedded in the business and a clear path towards margins above 10%.

Earnings per share from continuing operations rose 87.9% to 19.37p, and the full-year dividend increased to 3.50p from 2.25p, with the 57% uplift in the final payout signalling the board’s confidence in the outlook.

Investors were evidently delighted with the group’s financial performance, and shares were 25% higher at the time of writing on Monday.

The group enjoyed growth across all business divisions during the period, but the Professional & Financial Services division was the engine room, with sales rising to £59.6m

Christie & Co, the business brokerage and service, which is celebrating its 90th year, produced record fee income after the average brokerage fee on business sales climbed 26%, even as volumes held broadly steady at 1,164 transactions worth nearly £2bn.

European operations grew fee income 37%, with a record year in France and notable wins including the sale of the Vienna Marriott. Valuations surged 63% to nearly 8,000 units, covering £14.5bn of assets, boosted by major pub estate mandates from Marston’s and Greene King. Christie Finance grew fee income 15% and secured £292m of debt for clients, up 38%.

The insurance arm also contributed, with the renewal book growing 23% in value and client retention rising to 87%.

The Stock & Inventory division delivered a steadier 5.4% revenue increase to £11.0m, returning to profitability with an operating profit of £0.75m.

Dan Prickett, Chief Executive of Christie Group, said, “We are delighted to report an excellent set of results for 2025 which illustrate the strong progress we have made during the year. We outperformed original expectations quite substantially, in part due to exceptionally strong deal flow in Q4. We sold 1,164 businesses in the year with a total value nearing £2.0bn – up 45% year on year – while also boosting our average brokerage fee by 26%.”

“After driving strong growth over the year alongside strategic divestments, the Group is now well positioned to deliver on our strategic objectives in the years ahead as we focus on driving revenue and earnings growth from our continuing operations, strengthening our balance sheet further and delivering enhanced value for our clients, staff and shareholders.”

Strategically, the group has now shed both of its persistent loss-makers, Orridge and Vennersys, sharpening focus on higher-margin operations. The disposals, combined with strong trading, lifted the net cash position to £9.4m from £4.9m a year earlier, with zero external borrowings.

Looking ahead, the UK transactional pipeline stood 9.6% higher at the start of 2026 than a year earlier, with instruction levels remaining robust through the first quarter. International and finance brokerage pipelines are also ahead.

“While still relatively early in the new financial year, momentum in 2026 has been encouraging,” Dan Prickett said.

“As a result, absent of disruption from the current geopolitical backdrop, we remain confident in delivering another year of positive progress and achieving our third consecutive year of selling over 1,000 businesses.”

Headlam Group has confirmed it received a requisition notice on 24 April from First Seagull AS, the Norwegian shareholder which holds a 10.05% stake, calling for a general meeting to overhaul the flooring distributor’s board.

The notice was received after a period of poor share price performance, made worse by the recently announced final results, which outlined plans to manage a revenue decline by focusing on core customers.

Headlam has posted EBITDA losses in each of the last two years and generated £499m revenue in FY2025.

Headlam shares are down 63% over the past year to 28p, valuing the company at just £22m.

Some shareholders have had enough. The notice proposes removing the chair and two non-executive directors, replacing them with two FS nominees, including Stian Husvaeg, managing director of First Seagull. If convened, the meeting would sit alongside Headlam’s scheduled AGM rather than replace it.

The board said it is reviewing the notice with its advisers but pushed back on the move, pointing to its recently refreshed line-up, a new executive team and two new non-executive directors, which it believes have the right experience to deliver the turnaround strategy already underway.