Universal Partners Limited
Universal Partners Limited is a public company limited by shares incorporated in the Republic of Mauritius on 25 April 2016 (registration number 138035 C1/GBL) and holding a Category 1 Global Business Licence issued by the Mauritian Financial Services Commission. Its status is active and its shares are listed and trading. Universal Partners Limited is a permanent-capital investment holding company whose principal activity is to hold long-term equity investments in high-quality, growth businesses across Europe, with a particular focus on the United Kingdom; its mandate permits up to 20% of funds, measured when an investment is made, to be placed outside the UK and Europe, and it typically takes minority stakes of up to 49% with at least one board seat.
The company raised more than £72 million at its initial public offering in August 2016. It has a primary listing on the Official Market of the Stock Exchange of Mauritius (SEM share code UPL.N0000) effective 8 August 2016 and a secondary listing on the Alternative Exchange (AltX) of the JSE Limited (JSE share code UPL) effective 11 August 2016; the ISIN is MU0526N00007 and the SEM is the primary regulator. Consolidated net asset value was £85,750,242 at 30 June 2025, with NAV per share of £1.176 (£1.292 at 30 June 2024), moving to £1.172 at 30 September 2025 and £1.163 at 31 December 2025, on 72,894,199 shares in issue.
At 30 June 2025 the portfolio comprised five investments carried at £92.6 million: Workwell Group (workforce management, £54.8 million), PortmanDentex (dental care, a c.4.3% minority stake, £26.9 million), SC Lowy Partners (credit investment management and banking, £9.9 million), Xcede Group (recruitment, £0.9 million) and Propelair (water-efficient sanitary systems, £1 nominal). For the year ended 30 June 2025 Universal Partners Limited reported a total comprehensive loss of £8,415,538 (2024: £278,836 loss), driven by an £11,356,570 impairment of its Xcede loan following a debt-for-equity swap, partly offset by a £5,804,077 fair-value gain. The portfolio is run under a management agreement with Argo Investment Managers, a related party led by executive directors Pierre Joubert and David Vinokur; in March 2024 the board resolved to make no new investments beyond follow-ons and to return surplus realisation proceeds to shareholders. In early November 2025 SC Lowy agreed to buy back Universal Partners Limited’s shares for US$13.68 million through c.US$3.25 million cash plus US$10.43 million of 7% loan notes maturing 31 August 2028.
Sources
- Universal Partners Limited, Integrated Annual Report 2025 (year ended 30 June 2025) — http://www.universalpartners.mu/wp-content/uploads/UPL-Annual-Report-2025.pdf — published 2025; retrieved 7 September 2026.
- Universal Partners Limited, Summarised audited financial statements for the year ended 30 June 2025 — https://www.stockexchangeofmauritius.com/media/11654/upl-audited-results-for-the-year-ended-30-june-2025.pdf — 10 September 2025; retrieved 7 September 2026.
- Universal Partners Limited, Summarised unaudited financial statements for the quarter ended 30 September 2025 — https://www.stockexchangeofmauritius.com/media/11885/upl-fs-30-sept-2025.pdf — 12 November 2025; retrieved 7 September 2026.
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Shareholders
Universal Partners Limited holds a Mauritius Global Business Licence, so its full shareholder register is not publicly accessible through the Corporate and Business Registration Department. As a company listed on the SEM and the JSE, holders of more than 5% of stated capital are disclosed in the integrated annual report and through SEM and SENS announcements.
The 2025 integrated annual report lists the following substantial shareholders as at 30 June 2025: Glenrock Lux PE No2 S.C.SP. (13,500,544 shares, 18.52%), Glenrock Lux PE No1 S.C.SP. (11,361,136 shares, 15.59%), Peresec Nominees Limited (10,027,204 shares, 13.76%) and PSL Client Safe Custody Asset (4,060,975 shares, 5.57%). The last two are nominee or custody holdings that may aggregate several underlying investors. The report states that directors and their associates directly and indirectly held 10.36% of issued share capital at 30 June 2025. There were 348 shareholders, with about 61.7% of shares on the Mauritian register and the remainder on the JSE AltX register.
Ultimate beneficial ownership
No filing reviewed identifies a single controlling shareholder or a complete ownership chain; Universal Partners Limited is a widely held permanent-capital investment vehicle and reported no shareholders’ agreement affecting board governance during the year to 30 June 2025. The ultimate beneficial ownership behind the disclosed institutional and nominee holders is not stated in public filings.
Data availability: disclosure is limited to holders above 5% in listed-company reporting; smaller holdings and look-through ownership are not public.
Sources
- Universal Partners Limited, Integrated Annual Report 2025 — “Substantial shareholders” and “Share analysis” sections — http://www.universalpartners.mu/wp-content/uploads/UPL-Annual-Report-2025.pdf — published 2025; retrieved 7 September 2026.
Officers
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Per the 2025 integrated annual report and the notice for the annual general meeting held on 11 November 2025, the board of Universal Partners Limited comprises eight directors: two executive, three independent non-executive and three non-executive.
- Pierre George Joubert — Chief Executive Officer, executive director; appointed 25 April 2016; nationality South African (resident in Mauritius). Registry data appends “B Com, CA(SA)” qualification tokens to the surname; these are designations, not part of the name.
- David Allan Vinokur — Chief Financial Officer, executive director; appointed 25 April 2016; South African.
- Marc Eduard J. Ooms — independent non-executive director and Chairman of the Board; appointed 25 April 2016; Belgian.
- Neil Anthony Page — independent non-executive director and chairman of the investment committee; appointed 25 April 2016; South African.
- Gary Spellins — independent non-executive director and chairman of the audit and risk committee; appointed 10 November 2020; British.
- Daniel Edmund Rubenstein — non-executive director; appointed 11 May 2021; South African.
- Man Kiow (Françoise) Chan Kan Cheong — non-executive director; appointed 25 April 2016; Mauritian; an executive director of Intercontinental Trust Limited, the company secretary.
- Toorisha Nakey-Kurnauth — non-executive director and chairperson of the corporate governance committee; appointed 13 February 2024; Mauritian.
Justin Rodrigues, shown on the company registry card as “Partner”, is a principal of the investment adviser Argo and sits on the Workwell and Xcede boards; he is not a statutory director of Universal Partners Limited. The most recent board change was the appointment of Toorisha Nakey-Kurnauth on 13 February 2024. Data availability: board composition, roles and appointment dates are disclosed in listed-company reporting; nationalities are taken from the director biographies in the 2025 annual report.
Sources
- Universal Partners Limited, Integrated Annual Report 2025 — board biographies, board-structure table and “Date appointed” schedule — http://www.universalpartners.mu/wp-content/uploads/UPL-Annual-Report-2025.pdf — published 2025; retrieved 7 September 2026.
- Universal Partners Limited, Notice of Annual General Meeting 2025 (dated 21 October 2025) — http://www.universalpartners.mu/wp-content/uploads/Universal-Partners-Limited-Notice-and-Proxy-AGM-2025.pdf — retrieved 7 September 2026.
Registry feed — rows exactly as filed with Corporate and Business Registration Department (CBRD), including entries the profile above does not cover.
Group Structure
Universal Partners Limited is the listed parent of a small Mauritian holding group. The 2025 integrated annual report sets out the structure as Universal Partners Limited (a Global Business Company, listed on the JSE and the SEM), which wholly owns Universal Partners Investments (a Global Business Company, investment holding), which in turn wholly owns Universal Partners Investments Bidco (a Global Business Company, investment holding). Pierre George Joubert and Toorisha Nakey-Kurnauth are common directors across all three entities, and portfolio interests are held through this structure.
The portfolio companies are investments measured at fair value through profit or loss, not consolidated operating subsidiaries. At 30 June 2025 they were Workwell Group, PortmanDentex (a c.4.3% minority stake), SC Lowy Partners, Xcede Group and Propelair; shareholding percentages other than PortmanDentex are not disclosed in public filings, and the mandate is to hold minority positions of up to 49%.
Argo Investment Managers acts as investment manager under a management agreement and is a related party through common management (executive directors Pierre Joubert and David Vinokur); it is not owned by Universal Partners Limited. Main jurisdictions are Mauritius (the holding entities) and the United Kingdom and Europe (the portfolio). Information is as at 30 June 2025. Group-structure disclosure is limited to listed-company reporting; no change to the three-tier holding structure was reported during the year to 30 June 2025.
Verified relationships
- Universal Partners Investments — subsidiary, 100% — Mauritius (GBC) — investment holding.
- Universal Partners Investments Bidco — subsidiary, 100% (held via Universal Partners Investments) — Mauritius (GBC) — investment holding.
- Argo Investment Managers — investment manager under contract, related party by common management, not owned by the company — Mauritius.
Sources
- Universal Partners Limited, Integrated Annual Report 2025 — “Holding structure”, “Description of subsidiaries’ activities” and notes to the financial statements — http://www.universalpartners.mu/wp-content/uploads/UPL-Annual-Report-2025.pdf — published 2025; retrieved 7 September 2026.
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Frequently Asked Questions
What is the company's exact legal name?
Universal Partners Limited, a public company limited by shares incorporated in the Republic of Mauritius.
What is its Mauritius registration number?
138035 C1/GBL, as shown on the header of its Stock Exchange of Mauritius and JSE regulatory filings.
Where and when was it incorporated?
It was incorporated in Mauritius on 25 April 2016. It holds a Category 1 Global Business Licence issued by the Mauritian Financial Services Commission.
What is its legal form?
A Mauritius public company holding a Global Business Licence (a Global Business Company). It operates as a permanent-capital investment holding company.
What is the company's current status?
Active. Its shares are listed and trading on the Stock Exchange of Mauritius and on the JSE.
What is the registered office?
c/o Intercontinental Trust Limited, Level 3, Alexander House, 35 Cybercity, Ebene 72201, Republic of Mauritius.
What does the company do?
It makes and holds long-term minority equity investments, typically up to 49%, in high-quality growth businesses across Europe, with a focus on the United Kingdom. Since March 2024 it makes only follow-on investments and returns realisation proceeds to shareholders.
Where is it listed and under what ticker?
Primary listing on the Official Market of the Stock Exchange of Mauritius (share code UPL.N0000) since 8 August 2016 and a secondary listing on the JSE AltX (share code UPL) since 11 August 2016. The ISIN is MU0526N00007.
What is the NAV per share?
GBP 1.176 at 30 June 2025 (GBP 1.292 at 30 June 2024), GBP 1.172 at 30 September 2025 and GBP 1.163 at 31 December 2025, on 72,894,199 shares in issue. Total net asset value was about GBP 85.75 million at 30 June 2025.
How many portfolio investments does it hold?
Five at 30 June 2025 — Workwell Group, PortmanDentex, SC Lowy Partners, Xcede Group and Propelair — carried at GBP 92.6 million in total. It has made six investments since listing and completed two exits (YASA in 2021 and Dentex in 2023).
What was the latest full-year result?
For the year ended 30 June 2025 it reported a total comprehensive loss of GBP 8,415,538 (2024: GBP 278,836 loss), mainly from an GBP 11.4 million impairment of its Xcede loan after a debt-for-equity swap, partly offset by a GBP 5.8 million fair-value gain on investments.
Who manages the investments?
Argo Investment Managers, a Mauritius-registered related party led by executive directors Pierre Joubert and David Vinokur, under a management agreement providing for a 2% management fee on long-term investments and a 20% performance fee above an 8% hurdle, payable only on realisation.
What are the main recent developments?
In March 2024 the board decided to make no new investments beyond follow-ons and to return realisation proceeds to shareholders; in August 2025 portfolio company Workwell completed the acquisition of Oncore; and in early November 2025 SC Lowy agreed to buy back the company's stake for US$13.68 million (c.US$3.25 million cash plus US$10.43 million of 7% loan notes due 31 August 2028).
Is Universal Partners Limited still an active company?
Universal Partners Limited's status on Corporate and Business Registration Department (CBRD) is listed as active.
What is Universal Partners Limited's registered address?
The registered address on file for Universal Partners Limited is Grand Baie, Mauritius.
Can Zavia monitor changes to Universal Partners Limited's ownership over time?
This profile reflects a point-in-time snapshot from Corporate and Business Registration Department (CBRD). Zavia's monitoring API can track changes to Universal Partners Limited's registered shareholders, officers, and group structure going forward, flagging updates as they're filed rather than requiring a manual recheck.
Can I access Universal Partners Limited's data through an API?
Yes. Zavia's API connects directly to official government ownership registries across 195 countries and territories, including Mauritius, so records like Universal Partners Limited's registration, shareholder, UBO, and group-structure data can be queried programmatically instead of viewed one page at a time.
Where does this company information come from, and how current is it?
This record is sourced directly from Corporate and Business Registration Department (CBRD) and was last synced on 11 August 2026.