The VCT, which focuses on the entertainment industry, fell short of its targeted sum despite twice extending the offer’s closing date.

Of the 19.2 million ‘D’ shares sold at 100p each, the vast majority fell into last tax year, with only £868,000 being raised since 7 April despite the deadline being extended from 23 May to 27 June, and finally to 1 August.

Edge, which specialises in live events, is not the first VCT to struggle to raise funds this year, and has done better than some. Arc Growth Company VCT, for example, raised just £300,000 of a targeted £7.5 million in July.

Since upfront tax relief for investors in VCTs was reduced from 40 to 30 per cent, interest in the trusts has waned. Some £219 million was raised in the 2007/8 tax year compared to $779 million in 2005/6 and £505 million in 2004/5, according to the Association of Investment Companies.