Fern Trading Limited (Fern), the company Octopus Inheritance Tax Service investors hold shares in, operates in sectors providing essential services across the UK and Europe backing businesses capable of delivering asset-backed, long-term revenue streams.
Fern already has scale, expertise and a clear path to long-term, predictable revenues in its core sectors where demand is consistent – renewable energy, real estate and fibre.
Fern is entering an exciting phase, underpinned by a clear and confident deployment strategy for the months and years ahead. We’ve highlighted a selection of opportunities and initiatives that will help shape its future plans and unlock growth.
Renewable Energy – strengthening Fern’s portfolio of institutional grade assets
Fern operates over 200 renewable sites, powered by proven technologies. We have lined up some exciting projects including repowering two of Fern’s wind farms in France with new turbines that are capable of generating twice as much energy. In addition, these sites have secured new French government contracts covering the majority of future revenue for the next 15 years. There are two further sites that could follow the same repowering path.
Fern’s large onshore wind farm in Poland has its own grid connection, a very valuable commodity in Poland, where grid capacity constraints have become a major bottleneck for renewable energy development. A local developer has secured planning for a 60MW solar project on land adjacent to Fern’s wind farm but cannot connect to the grid in isolation. There is an opportunity for Fern to acquire and construct the ready-to-build solar project and connect to the grid using its existing connection. This will optimise capacity as well as secure long-term Polish government backed revenues.
These projects secure long-term, government-backed contracted revenues, from proven technologies, forming a stable, predictable income base with limited additional operational risk.
Real Estate – delivering long-term, resilient income
Fern’s real estate activity was established in short term property lending and now also includes two housebuilding businesses. This key sector addresses housing shortages, meets demographic needs and supports economic growth. Demand is structural, predictable, and long-term, which aligns with Fern’s strategy.
Supporting the growth of Elivia Homes, as it continues to scale rapidly with a proven record of delivery and long-term pipeline that could deliver up to 6,000 homes over the next decade.
With the UK’s over-60 population growing rapidly and a chronic shortage of high-quality retirement housing, Rangeford is continuing its organic expansion to become a leading developer and operator of integrated retirement communities. The company is addressing these demographic trends by focusing on areas with strong demand and limited supply, supported by a £500m development pipeline across Hampshire, Hertfordshire, Essex and Buckinghamshire.
Rangeford has recently acquired land in Oakley, Hampshire for its latest retirement village. The 150-home development will include substantial central facilities and enable residents to enjoy the Rangeford way of life in a new community in the Hampshire countryside.
Fibre – critical UK infrastructure
Fibre isn’t a luxury, it is the bedrock of a modern economy. With the UK government targeting nationwide gigabit broadband by 2030, plus the analogue copper switch-off fast approaching by 2027, demand for full-fibre connectivity is on the rise.
Fern’s infrastructure is in place, and with the heavy build phase behind us, the priority is driving commercialisation and maximising the benefits of scale.
This means growing the customer base and securing stable, recurring revenues by scaling wholesale and B2B connectivity across Fern’s own network and third-party infrastructure, including Openreach and CityFibre. It also involves driving adoption of Fern’s new wholesale platform (launched in May 2025 and already onboarding high-value customers) and capitalising on the copper-to-fibre migration – one of the largest structural transitions in telecoms in decades.
So, why is now a pivotal moment? The UK wholesale market is dominated by legacy players, like BT Wholesale and PXC, who are both facing headwinds such as debt burdens and refinancing reliance, as well as legacy exchange transition challenges. Fern is positioned as the modern challenger the market has been waiting for: full-fibre, future-proof, built without legacy systems holding it back and no debt.
There is already clear commercial momentum to scale these businesses rapidly, capture market share, and reach cash-flow positive, all while supporting the delivery of essential infrastructure in the UK.
Vorboss, Fern’s enterprise fibre business based in the Capital, continues to take share in London and Fern’s retail business, AllPoints Fibre, has passed well over half a million premises, and the new wholesale platform is building a strong pipeline.
Spotlight: meet Adam Dunlop
Adam Dunlop, Operating Partner at Octopus Capital and Executive Chairman of Fern’s Fibre businesses.
Adam joined Octopus Capital earlier this year and has been in his current role for six months. Adam was formerly CEO at TalkTalk, where he led the consumer business and managed strategic partnerships with major UK fibre network businesses such as Openreach and CityFibre.
Earlier in his career, he launched and led ID Mobile (now owned by Currys), growing it to over a million customers in less than four years. He has also spent time at Cable & Wireless, a multinational telecoms operator later acquired by Vodafone and Liberty Global.
Adam’s focus at Octopus is on the strategy and commercialisation of the Fern fibre businesses, using his experience to scale Fern’s fibre portfolio and drive growth.
“I joined because I saw a rare opportunity to help scale a future-proof fibre business in one of the most dynamic infrastructure markets in Europe. Fern is uniquely positioned to lead the UK’s fibre transition – and Octopus is backing that growth with real conviction.”
In summary
Fern’s strategic approach rests on a single principle: investing in essential services capable of delivering asset-backed, long-term, predictable income.
With our deep sector experience, strong teams, and proven track record, we are carefully scaling businesses that are capable of delivering stable cash flows while addressing real, enduring needs in the economy.
Key risks to keep in mind:
- The shares of unquoted companies could fall or rise in value more than shares listed on the main market of the London Stock Exchange. They may also be harder to sell.
- This is a high-risk investment. The value of an investment, and any income from it, can fall as well as rise. Investors may not get back the full amount they invest.
- Tax treatment depends on individual circumstances and tax rules could change in the future.
- Tax relief depends on portfolio companies maintaining their qualifying status.
