Back in October 2012, on my old Google blog, in the post Wales: Sicily Of The North, I touched on the emerging story of publicly-owned land being sold off rather cheaply by the Regeneration Investment Fund for Wales. Sold to the mysterious, Guernsey-based company, South Wales Land Developments.
Information on the deal was sparse in 2012 beyond the fact that the public face of South Wales Land Developments was one Langley John Davies. As I said back in 2012, “a busy boy, our Langley”, who’d been involved with many companies, but of course information on SWLD was sparse because it’s based in Guernsey.
Some information on SWLD has since filtered into the public domain, this tells us that there are only two directors, Langley Davies and Jane Pocock. Davies has some background in property, but most of his companies seem to have been in finance and loans, perhaps for vehicle purchase.
Pocock’s background as a director was exclusively in vehicles – vans by the look of it – until she joined Davies in another Guernsey-registered company, Imperial House Investments Ltd (Incorporated 30.11.2013), and then South Wales Land Developments.
You’ll note that nothing has ever been filed for either Imperial House Investments Ltd or South Wales Land Developments. And while the role of SWLD will be explained below, I can’t begin to guess at the purpose of IHI. (All suggestions welcome.)
Clearly, Davies and Pocock were unlikely buyers of parcels of land in various parts of Wales, and probably didn’t have the £21m needed to complete the purchase. And although the report from September 2012 tells us that the land has already been transferred to South Wales Land Developments, SWLD wasn’t incorporated in Guernsey until the first of February 2014.
This was all rather confusing until we learnt last year that the initial offer for the land came from GST Investments, also of Guernsey, and that GST stands for (Sir) Gilbert Stanley Thomas, brother to Peter Thomas OBE; scions of the House of Pies founded by their father Thomas Stanley Thomas, who died last year aged 98.
The quid pro quo for Davies and Pocock distracting attention from Sir Stan might have been him becoming a director of their company Vans Direct Ltd, Company Number 06971144, in September 2013 . . . and no doubt investing ‘a little something’ in repayment for services rendered.
So here are two, linked, questions:
- Seeing as the original purchaser in March 2012 was Stan Thomas, why has the ‘Welsh’ media avoided mentioning his name, and that of his company, GST Investments?
- Why have we been repeatedly told that these parcels of land were sold, in March 2012, to a company, South Wales Land Developments, that didn’t officially exist until February 1st, 2014?
We know now that Langley Davies and Jane Pocock were fronting for Stan Thomas, and were no doubt paid well to hide his involvement in the purchase, but why would Thomas have felt the need for this subterfuge?
Part of the answer might lie in the fact that around the same time as the land sales were being ‘arranged’ he and brother Peter were benefiting from another lucrative deal at the expense of the Welsh public purse. This was the sale of Cardiff airport to the ‘Welsh’ Government for £52m.
The airport had been owned by Glamorgan Country Council and then its successor councils of Mid, West and South Glamorgan until another round of local government reorganisation saw the facility privatised and sold to TBI plc in April 1995. So what do we know about TBI?
A 2004 BBC article tells us, “Stanley Thomas, now 62, started TBI with developer Paul Bailey in the early 1990s, and the firm became a fully listed company on the Stock Exchange in 1994”. True . . . up to a point. The original company, Incorporated on August 8th 1972, was called Markheath Plc, Company Number 01064763
Markheath changed its name to Thomas Bailey Investments Plc in March 1994 and to TBI Ltd in 2009. Clearly using the surnames of Paul Bailey and Gilbert Stanley Thomas to give us TBI. Though Paul Bailey only served as a director of TBI from 28.03.1994 to 28.02.1996, while Thomas became a director on the same date but stayed on until 04.01.2005.
And yet, another curiosity is that TBI seems to have been in existence before Bailey and Thomas became directors. As of September 5th 1992 – eighteen months before they joined – we find five directors, named Springer, Haines, Creber, Rendle and Westcott. While another who became a director at the same time as Bailey and Thomas was a Paul Meyrick Guy. Check out the full list of directors here.
The influx of Iberian names post January 2005 can be attributed to the fact that in 2004 TBI became a subsidiary of (90% owned by) the multinational, Barcelona-based Abertis Infraestructuras SA.
Before proceeding maybe we should establish who Paul Meyrick Guy is. He lives on Rudry Road in Cardiff or, to be more exact, in the suburb of Lisvane. Rudry Road meanders out into open country, under the M4 and on towards the Rhymni river, through the kind of green fields so coveted by ‘developers’. And wouldn’t you know it – he’s a neighbour to Peter Thomas!
Paul Meyrick Guy has held many directorships . . . many, many directorships. In his 61 years among us Guy has held no less than 111 directorships. Is this a record?
Having mentioned Peter Thomas it struck me as strange that he was never a director of TBI like his brother. Though in the BBC report I linked to earlier, headed ‘Brothers go from pies to planes‘, it says, “The brothers, from Merthyr Tydfil, own almost a fifth of TBI’s shares“. In the graphic above we see that in 2012 TBI’s net worth was £408,634,000, so work it out for yourself.
It became known in the early part of 2013 that Cardiff Airport had been sold to the ‘Welsh’ Government. And although sold for £52m the site was independently valued in the £20m – £30m bracket, suggesting that the ‘Welsh’ Government paid well over the odds.
According to the article I’ve just linked to, “Ministers bought Cardiff Airport from its Spanish owners Abertis for £52m”. Note that in this report – and other reports at the time – the Thomas brothers’ company, TBI, has now vanished from the picture. But as I explained above, TBI still owned Cardiff Airport, but TBI was now owned by Abertis.
To put the price paid for Cardiff Airport into perspective, consider this: Also in 2013, the Scottish Government bought Prestwick Airport for £1, and Prestwick is a ‘real’ airport, with transatlantic flights.
Also owned by TBI-Abertis was Belfast International Airport, enjoying passenger numbers over four times higher than Cardiff. It too was sold in 2013, to a US company, as part of a package that also included Stockholm Skavsta Airport, terminals at Orlando Sanford in Florida, and an airport management business in the USA. The package price was just £244m.
If Cardiff, with less than one million passengers a year, and airlines abandoning the facility like the proverbial rats, was worth £52m then Belfast must have made up almost all of the package price in the other sale with Stockholm, Orlando, etc., thrown in for good luck!
The latest news in the land sale scandal is that the ‘Welsh’ Government plans to begin legal proceedings against Lambert Smith Hampton, the company that advised the Regeneration Investment Fund for Wales with the valuation of the land. But is LSH the right target? And even if it is, should it be the only target?
There is an obvious and understandable desire on the part of Carwyn and his gang to deny political opponents ammunition, to look ‘strong’ (don’t laugh!), especially with elections coming up in May, but it’s all pointless window dressing.
I say that because the problem exposed by the sales of Cardiff airport and the prime development land reaches deep into the Welsh body politic, and exposes associated weaknesses in the media and elsewhere.
I have always argued that Wales is Europe’s Third World. The greater part of the country is ignored and allowed to decline while investment is poured into the capital at the behest of – and for the benefit of – business interests that don’t give a damn about Wales or the Welsh people. Devolution has only made things worse.
The warnings were there at the very outset, when Lord Crickhowell – formerly Nicholas Edwards MP – and his gang at Associated British Ports, manoeuvred the newly created Assembly into taking out a punitive lease on Crickhowell House, owned of course by ABP, and then to build the new Assembly building on land owned by ABP rather than take over Cardiff City Hall, or Swansea Guildhall which had clearly won Ron Davies’ ‘competition’.
And let’s remember that this crew had already made a killing with the Cardiff Bay Development Corporation, using public money to redevelop land owned by ABP. Where was the ‘Welsh’ media when this scandal needed to be exposed?
The ‘Welsh’ media is the Cardiff media, and will support anything it believes is in Cardiff’s interests, even when done at the expense of the rest of Wales. (The city region project and the ‘improvements’ demanded for the M4 being ongoing examples.) And when it comes to powerful individuals like Nick Edwards and the Thomas brothers then men like these are beyond scrutiny and above criticism.
Which explains why few if any Welsh people are aware that the Thomas brothers made a killing out of the sale of Cardiff Airport – because according to the ‘Welsh’ media the vendor was a totally unconnected Spanish company!
Equally, in the land deal, Stan Thomas has not been mentioned in the mainstream media, we’ve only been told of his mouthpiece, Langley Davies, and South Wales Land Developments, a company that exists in name only.
Let’s be blunt. We are dealing here with corruption. Corruption and incompetence at the very highest levels within a devolved system. Facilitated by a ‘Welsh’ Labour Party that knows nothing about business and can be given the runaround by any shyster spinning a line.
The aforementioned ‘Welsh’ Labour Party then deludes itself into believing that it creates a ‘balance’ by investing in the Third Sector. But here, again, it is given the runaround by parasites in it for no one but themselves. Here’s a very recent example.
And what benefits do we, the Welsh people, see from the enrichment of Cardiff businessmen, or the billions poured into the Third Sector? We see nothing – this is the cause of our deprivation.
This is Wales in the twenty-first century; the perfect storm of a devolved administration that is little more than a cash dispenser being run by people who understand nothing of the world beyond political debate and who are preyed upon by unscrupulous individuals and interests.
No matter who you vote for in May, nothing will change. This system cannot be tinkered with, or improved from within, it must be swept away. Wales needs a revolution, and a fresh start. Independence, and a new capital far from Cardiff and its malign influences, is the only answer.