Case Studies
Read our members' stories and learn about the impact the QCA has made on them.
Founded in 1986, Downing LLP is a responsible investment manager that provides investors with access to a wide range of opportunities across public and private markets, predominantly in the UK. Through its inheritance tax solutions, listed multi-asset funds, UK investment funds and specialist investment strategies, the firm seeks to deliver attractive investor returns while supporting businesses that contribute to a better future.
Driven by an experienced team and an entrepreneurial approach, Downing focuses on identifying growth opportunities that create value for investors, businesses and society.
“Insight and influence in lobbying to Treasury to improve the framework for listed markets.”
Over 12 Years of Membership with QCA. Read More →
Why Downing Joined the QCA
Downing joined the QCA in 2014 because of the close alignment between the organisation’s mission and its own commitment to supporting UK growth companies.
Reflecting on the decision to join, the team explained:
“We became members as we believed the work of the QCA was very aligned with our own Downing values, promoting the growth of UK companies, and we believed that membership would provide Downing with the ability to help influence policy to allow UK markets to be better placed for UK growth companies.”
Engaging with the QCA Community
Over the years, Downing has actively engaged with a broad range of QCA activities, including online briefing webinars, conferences, Expert Group meetings, annual dinners and networking events.
The firm has also made regular use of QCA publications, guides and policy updates to stay informed about market developments and governance best practice.
Speaking about their involvement with other members, Downing highlighted the value of the relationships built through membership:
“We have built many contacts through QCA membership, particularly with company members who are also investee companies.”
The firm’s connection with the QCA has extended beyond membership participation alone.
“Ultimately our membership led to Judith MacKenzie becoming a Board Member and then Chair. Through that period all team members supported the journey, and it was great to be able to work with such a dynamic team.”
When asked what originally attracted them to the QCA, the answer was simple:
“Direct correlation of our aims, to promote UK listed growth companies.”
The Value of Membership
As an investment manager focused on identifying and backing ambitious businesses, Downing’s priorities remain firmly centred on delivering strong outcomes for investors.
“To grow Downing in a managed way with the priority of providing superior investment returns for our investors. Finding strong growth companies to invest in.”
Membership has also given the firm a voice in shaping the environment in which those companies operate.
“Insight and influence in lobbying to Treasury to improve the framework for listed markets.”
One of the most valuable aspects of membership has been the opportunity to contribute to governance developments that have had a lasting impact on the UK’s growth company community.
“Involvement in the establishment and the ongoing development of the QCA Code.”
Would Downing Recommend QCA Membership?
For Downing, the benefits of membership are both practical and strategic.
“The benefits of membership are quantifiable in two ways. Firstly, as an investor in UK smaller companies I believe we have an obligation to ensure the ecosystem is looked after and nurtured for everyone’s benefit, the investor, the market, the companies and the people they employ.
Secondly, the benefit of membership has been the ability to learn and engage on policy matters.”
After more than a decade of membership, Downing continues to value the opportunity to influence policy, contribute to the development of UK capital markets and engage with a network committed to supporting the next generation of growth companies.
Christie Group Plc has been providing specialist professional services for more than 125 years. Today, the Group supports businesses across the healthcare, hospitality, leisure, retail, childcare and education sectors through a range of services including business valuations, brokerage, finance and insurance, as well as market-leading stocktaking and inventory solutions.
With a long-standing commitment to ethical business practices and sustainable growth, strong corporate governance remains central to the company’s success.
“We wouldn’t be able to do our corporate governance compliance and knowledge to the level we do without having something we can refer to and lean on. The QCA has always served us well.”
Dan Prickett, CEO, Christie Group Plc
Over 30 Years of Membership with the QCA. Read More →
Finding the Right Governance
Christie Group has been a member of the Quoted Companies Alliance since 1993. While CEO Dan Prickett joined the business in 2007, he has worked closely with the QCA throughout his career with Christie Group, serving as CFO, COO and now CEO.
For Dan, the reason the company has remained a member for more than three decades is clear.
“The QCA was seen as more appropriate for us than some of the other governance frameworks or support networks. It provided a lighter-touch but entirely appropriate corporate governance regime for a company of our size.”
As one of the early companies to join AIM, Christie Group recognised the importance of having a governance framework that was both proportionate and respected by investors.
Practical Support That Makes a Difference
While Christie Group has attended a wide range of QCA events over the years—including governance workshops, webinars, director events, fund manager programmes and policy roundtables—the greatest value comes from the day-to-day guidance the organisation provides.
“The main thing that has really been the most useful for us is the corporate governance guidance and support,” says Dan.
“We actively lean on, refer to and rely on the QCA around governance, making sure we’re on the right side of where we need to be.”
For Christie Group, governance is not simply about compliance—it’s about having confidence that the company is operating in a way that is appropriate for its size while meeting the expectations of investors and regulators.
“If it’s in the QCA Code, we know it’s going to be respected by investors. It strikes the right balance for businesses of our size.”
A Trusted Resource Throughout Leadership
Having served on Christie Group’s Board since 2010, Dan has seen first-hand how the business has evolved its governance framework, including strengthening board independence and refining its leadership structure.
Throughout that journey, the QCA has remained a trusted source of expertise.
“We wouldn’t be able to do our corporate governance compliance and knowledge to the level we do without having something we can refer to and lean on. In that sense, the QCA has always served us well.”
The practical, plain-English guidance provided by the QCA has helped Christie Group navigate governance requirements with confidence while maintaining a framework that is proportionate, effective and valuable for the business.
More Than Governance
Although governance remains the primary reason Christie Group values its membership, Dan also highlights the quality of the QCA’s wider programme of events and policy engagement.
Whether attending discussions with fund managers, policymakers or fellow listed companies, he believes the opportunities to hear different perspectives and engage directly with decision-makers are invaluable.
“Every event I’ve attended has been first class. They’re thought-provoking, you make contacts and you get access to fund managers, MPs and other people you probably wouldn’t otherwise meet.”
Dan also values the QCA’s role as a collective voice for smaller quoted companies.
“The QCA gives listed businesses the opportunity to engage directly with legislators, regulators, investors and fund managers. That dialogue is incredibly important.”
Looking Ahead
As UK listed companies continue to face evolving regulation and market challenges, Dan believes the QCA’s advocacy role is more important than ever.
He sees continued representation of smaller quoted companies with government, regulators and investors as essential to ensuring regulation remains proportionate and that public markets continue to support business growth.
Advice to Other Listed Companies
For companies considering membership, Dan’s recommendation is straightforward.
“The governance support alone makes membership worthwhile.”
He encourages organisations not only to make use of the governance resources, but also to take advantage of the wider programme of events and networking opportunities.
“The QCA helps businesses find a governance framework that’s the right size, practical and respected. It’s an organisation that genuinely understands the needs of smaller listed companies.”
Founded in 1895, Eleco plc is an international specialist software company with a long history of delivering technical innovation. Today, the business provides market-leading, integrated software solutions that support companies throughout the building lifecycle, from early planning and design through to construction and facilities management.
With centres of excellence in the UK, Ireland, Romania, Sweden, Germany, the Netherlands and the USA, Eleco serves a global customer network of more than 50,000 companies. Its software, training, technical support and consultancy services help customers improve efficiency, drive performance and achieve sustainable growth.
Innovation, customer success and long-term relationships remain central to Eleco’s strategy, supported by a commitment to teamwork, trust, flexibility and continuous product development.
“You feel supported and have a champion and also can contrast and compare with other AIM listed businesses the challenges and opportunities out there.”
Neil Pritchard, Chief Financial Officer, Eleco plc
Over 20 Years of Membership with QCA. Read more →
Why Eleco Joined the QCA
Eleco has been a member of the Quoted Companies Alliance (QCA) since 2004. As an AIM-listed company, the business values having an organisation that understands and advocates for the needs of smaller and growing quoted companies.
Neil Pritchard, Chief Financial Officer, explains:
“As an AIM listed company the QCA is a brilliant champion for smaller growth businesses.”
The company also recognises the importance of supporting the UK public markets and ensuring businesses remain responsive to changing customer requirements.
“From a stock market perspective, investors championing British businesses as investments over other markets and investment alternatives. For the business itself its being relevant and at the forefront of our customers’ needs.”
Engaging with the QCA Community
Over more than two decades of membership, Eleco has actively engaged with a wide range of QCA activities and resources.
Members of the team have attended roundtables, dinners, webinars and networking events, as well as making regular use of the QCA’s governance guidance and publications. Neil has participated in the Directors’ Briefing Webinar, while colleagues have attended events including Lunch with MP Tim Halies, the ESG Investor Report Lunch, and QCA webinars and panel discussions.
The company has also made extensive use of QCA publications over the years, helping the team stay informed about governance, regulatory developments and best practice for listed companies.
The Value of Membership
For Eleco, the value of QCA membership extends beyond individual events and resources. Membership provides access to a network of like-minded companies facing similar opportunities and challenges, alongside the reassurance of having an organisation that represents the interests of smaller quoted businesses.
As Neil explains:
“You feel supported and have a champion and also can contrast and compare with other AIM listed businesses the challenges and opportunities out there.”
The opportunity to exchange experiences with peers and remain connected to developments affecting the quoted company community has been a key benefit throughout Eleco’s membership.
Would Eleco Recommend QCA Membership?
When asked what he would say to other organisations considering membership, Neil’s answer is straightforward:
“Thoroughly recommend to join!”
After more than 20 years as a member, Eleco continues to value the support, insight, resources and connections that the QCA provides to growing quoted companies navigating an evolving business and investment landscape.
Lombard Odier Investment Managers (LOIM) is the dedicated asset management business of Lombard Odier Group, an independently owned Swiss banking group founded in 1796. Serving institutional investors, wealth managers, private banks and financial advisers globally, LOIM combines active management, rigorous research and responsible investing to deliver long-term value for clients.
“The Expert Groups are a real strength. They continuously analyse new developments, help members understand what changes mean in practice and identify solutions. Combined with the access to peers and stakeholders across the market, that’s where the real value lies.”
Over 8 Years of Membership with QCA. Read more →
Why Lombard Odier Investment Managers Joined the QCA
LOIM became a QCA Adviser Member in 2018, driven by a desire to bring the investor perspective into discussions shaping UK capital markets.
“As an active participant in the market, we wanted to contribute our knowledge and experience while supporting the wider policy agenda that helps markets operate efficiently,” says Adam McConkey, former Chair of the QCA’s Investor Expert Group.
QCA membership provided an opportunity to engage directly with policymakers, regulators and other market participants, ensuring the views of investors were represented in important industry debates.
Engaging with the QCA Community
Throughout his involvement with the QCA, Adam has participated in policy-focused events, investor roundtables and industry forums, as well as hosting a fund manager breakfast during his tenure as Investor Expert Group Chair.
For Adam, one of the key benefits of membership has been access to a broad network of stakeholders across the quoted company ecosystem.
“The QCA brings together people from different parts of the market who often face similar challenges. Being able to share experiences and perspectives creates valuable opportunities for collaboration and learning.”
He also highlights the QCA’s role in bringing together different stakeholder groups and helping create a consistent voice on issues affecting UK growth companies and investors. More recently, this has been particularly relevant in discussions around capital markets reform and initiatives such as the Mansion House Accord.
Supporting Positive Market Change
As a long-standing participant in QCA policy discussions, Adam has seen first-hand the role the organisation plays in advocating for the interests of growth companies and the wider quoted company sector.
He highlights the alignment between recent industry initiatives and the QCA’s ongoing policy work. Discussions around market reform, investment flows and capital allocation have become increasingly important, with the QCA providing a valuable forum for informed debate and practical solutions.
“The QCA is very effective at bringing together stakeholders with different perspectives and helping to create consistency in the messages being taken to policymakers,” Adam explains.
During his time leading the Investor Expert Group, Adam encouraged cross-participation between the QCA’s expert groups to ensure a broader understanding of key market developments and emerging policy issues. This collaborative approach helped strengthen discussions and support better outcomes for members.
The Value of Membership
Reflecting on the impact of membership, Adam identifies two key areas of value: the strength of the QCA network and its advocacy work.
“There is huge value on two fronts: the network itself and the representation.”
The network provides access to experienced professionals who can share practical insights and lessons learned, while the QCA’s advocacy ensures members’ views are heard by regulators, policymakers and other influential stakeholders.
Adam also credits QCA Chair Sangita Shah for her support, noting her extensive network and ability to connect members with key contacts across the political, regulatory and business landscape.
Advice for Organisations Considering Membership
Adam’s advice to organisations considering QCA membership is simple: make the most of the network and the expertise available.
“The Expert Groups are a real strength. They continuously analyse new developments, help members understand what changes mean in practice and identify solutions. Combined with the access to peers and stakeholders across the market, that’s where the real value lies.”
We bring together growing companies publicly traded on AIM, Aquis or the Main Market and the advisers that support them, including brokers, advisers, accountants, lawyers, investors, and IR specialists.
Our membership spans your entire organisation, from Board Directors, NEDs and the C-Suite to Finance Leads, or Industry Specialists. Every senior team member within a QCA member firm gains full access to our advocacy, practical guidance, and industry network.
Frequently asked questions
What’s so special about public companies?
They’ve been at the heart of UK business for decades. People still turn to the FTSE indices, which are baskets of public company shares, to judge the economic mood.
Public companies invest in their local economies, create well-paid jobs, operate to a high level of transparency, drive productivity and enable broad share ownership – including among their own workforce.
Today there are fewer UK public companies than for many years but we believe that trend can – and should – be reversed, with the right mix of regulatory reform, investor incentives and a better narrative.
What sort of members do you have?
They are diverse, to say the least. Tiny companies seeking a commercial breakthrough for their cutting-edge technology. Well-established brands pushing into new export markets, or going on the acquisition trail.
They straddle sectors and geographies, from fintechs in Huddersfield and vehicle tracking experts in Mid-Wales to digital media producers in Glasgow and makers of security scanning devices in Abingdon. All have tapped shareholders via the public markets to fund-raise, acquire, incentivise, export, grow.
What do you do?
We champion the importance of the UK public markets and campaign on behalf of the companies that use them, particularly small-cap and mid-cap stocks.
That means identifying ways to reduce the cost and complexity of being public, pressing for proportionate regulation that works for companies of all sizes, driving up market liquidity – the volume of buyers and sellers – and improving the overall narrative for members.
We talk to government, regulators and the media, organise networking and knowledge sharing and publish a family of guides to encourage better boardroom behaviours, including our QCA Corporate Governance Code.
Do you focus on small and mid-cap quoted companies only?
A healthy public market ecosystem requires companies of all sizes. However, smaller businesses often lack the governance and lobbying resources that are available to their larger peers.
As an investment prospect, the long-term outperformance of small-caps is well documented – the “Small Cap Effect” saw the UK small-cap sector outperform large-caps by an average of 3.1% per annum between 1954 and 2022, compounding to returns nearly seven times greater over the period.
Yet, in today’s economic climate, public companies of all sizes have far more that unites than divides them. That is why we welcome all quoted businesses to join the QCA, tap into our collective network, and amplify our campaigning efforts.
What does “quoted” mean?
It’s an umbrella term for publicly traded – that is, a company whose shares can be bought and sold on a stock market. The stock quote is the latest price at which its shares are available – or, more accurately, it is made up of the “bid” price, which is the highest price at which someone is willing to pay for a single share, and the “ask” price, the lowest price at which someone is willing to sell a share.
“Quoted” is often used interchangeably with “listed” but there is a technical difference. Shares are “listed” on the Financial Conduct Authority’s Official List of securities (shares) which encapsulates the London Stock Exchange’s Main Market, including constituents of the FTSE 100 and FTSE 250 indices. Beyond that list are hundreds of growth companies whose shares trade elsewhere, for example on AIM or the Aquis Growth Market, which are referred to as “unlisted” but of course are still “quoted”.
The QCA represents companies whose shares are listed or unlisted. We also like to be “quoted”, regularly in the media talking on behalf of our members, and by others, who may be referencing our research reports or boardroom guides.
Why should I become a member?
To amplify your organisation’s voice on key issues, connect with peers in your community, learn from our webinars, workshops and boardroom guides, take advantage of discounts on a range of services and attend exclusive events.
Do you only represent AIM companies?
No. Exchanges that are home to small growing companies such as AIM and Aquis will always be our heartland, but we are focused on growing our reach on the London Stock Exchange’s Main Market as well. We believe public companies of all sizes have more that unites than divides them. That’s why we welcome all public companies to join the QCA and take advantage of our network and our campaigning efforts.
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