Tag: Cairngorm Capital

Caveat Emptor!

On By JacIn Business and Commerce, Welsh Government, Welsh Labour45 Comments

Over the past year I’ve written a few times about companies in Wales profiting from the UK government’s ECO4 scheme, through cavity wall insulation, solar panels, heat pumps, etc.

Most recently, I’ve had to write about one of these companies going belly-up leaving dissatisfied customers; either suffering from poor workmanship that needed remedial work, or else jobs left unfinished.

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A BIT OF BACKGROUND, AND THE FIRST UPDATE

The first piece I put out was Saving The Planet – The Globalist Way! in July last year. This was followed by ‘Corruption Bay’ Living Up To Its Name? in December. Then, following the collapse of Consumer Energy Solutions, the next piece, in early January, was Grab The Money And Run!. Finally, towards the end of January, it was Cairngorm Capital – The Kiss Of Death.

Consumer Energy Solutions was part of a group of Welsh companies ultimately owned by Cairngorm Capital of Edinburgh through Dragon 2023 Topco Ltd. (Or, more likely, someone else owned them but operated through Cairngorm.)

But now there’s a new kid on the block in the form of New Dragon Holdco Ltd. The three directors of this new company, formed January 22, can be seen below. They all work for Oaktree Capital Management.

I used to see photos like those hanging up in cinema foyers when I was a kid, there from the days of silent movies. Where’s Rudolph Valentino?

Oaktree’s based in Luxembourg for its European operations, but can be ultimately traced to an address in Los Angeles. Though registered in the state of Delaware, which serves as a kind of internal tax haven in the USA. But it’s not straightforward, as the group accounts filed with Companies House for Oaktree Capital UK Ltd make clear.

Oaktree is another of those companies that makes nothing, grows nothing, and performs no service for the benefit of mankind. Just another gang of sharp-suited spivs shuffling around other people’s money to make themselves rich.

The parasite capitalism that bedevils and seeks to control the modern world.

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FURTHER UPDATE

In those earlier posts, another company that came into the frame was Quidos. Or rather, a number of companies operating under that name. Quidos seemed to provide training and accreditation for the ECO4 ‘retrofit’ companies listed in the panel above.

Originally based in Bath the Quidos companies trace back to the group through the involvement of Nick Pritchard of Bangor. Here’s a list of Pritchard’s many companies. Though now it needs updating, because a new name has appeared on the Companies House register as a minority controlling interest in Quidos Pure Ltd.

That name is Philip John Stanley. So what can I tell you about Mr Stanley? Let’s start with his Linkedin page. (Not sure about that waistcoat.)

To begin with, and to judge by the addresses of his previous companies, he lives in Liverpool. In fact, I compiled a list of companies with which he’s been involved. Here it is in pdf format.

The companies he’s formed since 2013 have a number of things in common. Most noticeably, that none of them ever turns a profit. They either fold without filing accounts or they return losses. How does the poor man survive?

And then there’s the strange matter of two companies with the same name, Love to Feel. Now I’m fairly sure that’s not allowed by Companies House. But Stanley got around it by naming one Love to Feel Ltd and the other Love to Feel Limited.

But why would anyone do that? It’s guaranteed to cause confusion.

The ‘Ltd’ company is based in Liverpool, and files as dormant. The ‘Limited’ company – Dissolved in May 2024 – gave its address as Bryn Derwen, Parc Menai, Bangor.

But the reason Philip John Stanley is appearing here is because of what seems to be a real departure for him, both in the line of business, and in locations.

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CONSUMER RIGHTS

If you go to the table I linked to above, you’ll see two Community Interest Companies (CIC). Now a CIC is not supposed to make a profit and, as the name suggests, it should serve the public interest.

One advantage of a CIC is that it’s easier to set one up with Companies House than it is to register a charity with the Charity Commission. Fewer questions are asked.

Consumer Rights Ltd was launched in November 2021, in Liverpool. It converted to a CIC January 12 2023, and the following day moved to Bryn Derwen, Parc Menai, Bangor.

Though Bryn Derwen appears to be holiday accommodation. Consumer Rights CIC seems to bounce between this address and the Business Centre, Llys y Bont.

There is a Consumer Rights website. (Here in pdf format.) At first sight I though it was an official government site. It has that ‘look’ to it, even similar colours to the Ofgem website.

Might this confuse people, like the two Love to Feel companies?

Less than a week after Consumer Rights CIC moved to Bangor Stanley launched Consumer Rights (Scotland) CIC. Giving an address in Leith, Edinburgh.

Does it link with Consumer Energy Solutions and the other companies in the group being – for public consumption – owned by Cairngorm Capital of Edinburgh?

A director in both Consumer Rights companies was James Joseph Rimmer. Here’s his Linkedin page. He spent over 17 years with Experian, one of the ‘big three’ credit bureaux. Major stakeholders in Experian are BlackRock and Vanguard.

Clearly, Rimmer would know how to use databases.

And Quidos Pure moved its address last month from Bath to Bodlondeb, Conwy, the old council offices now leased by Pritchard.

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REMEMBER NEV?

Another name we encountered in the table of Stanley companies I linked to, was Neville Wilshire. Which may sound familiar; if so, it’s because he was the star of the television series The Call Centre. He died in December 2021.

Which might answer the question: What’s the relationship between Consumer Rights CIC and the companies shown in the panel at the top? Including Consumer Energy Solutions, with its dissatisfied customers and unpaid former employees?

There clearly is a connection, for Stanley is a person with significant control of Quidos Pure Ltd. Majority control of Quidos Pure rests with Quidos Holdings Ltd, controlled by Pritchard. And Pritchard links with the other companies.

Also worth remembering that CES was based in Swansea. Like Nev’s call centre.

The company that links Neville Wilshire with Philip John Stanley is EAGA Card Ltd. It was originally based at these salubrious offices in downtown Chepstow, with accountants Macario Lewin. Which also has a presence in Swansea.

After moving its address to Llanelli EAGA Card Ltd was Dissolved in December 2022, after Neville Wilshire’s death. So I got to wondering about the EAGA or Eaga name.

There was a company of that name in Newcastle “supplying energy efficiency products“, bought up in 2011 by Carillion, and the name then disappeared, according to Wikipedia. There was also an EAGA Charitable Trust, which ceased in 2020/21.

But it seems the name was revived by someone in the same line of business as the Geordie original. And by January 2021 people were being cold called.

That may have been Neville Wilshire’s company. Or perhaps it was Philip John Stanley. For by then Stanley could have learnt how to use databases from Rimmer, and call centre know-how from Wilshire.

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THOUGHTS

Consumer Energy Solutions Ltd (CES) has departed this mortal coil, and last month the Administrator issued a Statement of Affairs. Assets available for “preferential creditors” amounted to £307,915. Yet the claims from employees alone amounted to £586,185.

Certainly, there are some creditors that’ll hardly notice the loss, such as American Express, owed £689,536. Or HMRC, owed £1,188,925. But many creditors are small local suppliers.

The total deficit was £112,671,723. With almost all that owed to ‘Alter Domus Trustees (UK) Ltd (Oak Tree)’. Presumably referring to Oaktree Capital Management, mentioned above.

This, I believe, is a debt spread across the group. Where the picture is no rosier. For all the shares in CES are held by Diversity Network Holdings Ltd, of Cardiff Business Park, Llanishen, where a Receiver was appointed February 11.

As you can see, the trading name appears to be Heatforce, or Heatforce (Wales) Ltd, which is still in business. Certainly, that’s how it appears. But the most recent accounts, up to year ending January 31, 2025 (showing a loss), acknowledged “difficulties“, restructuring, and the involvement of Oaktree.

But of course, these accounts were filed with Companies House before Consumer Energy Solutions went bust.

You’ll notice other companies mentioned in the restructuring. City Energy Network Ltd is still with us, as is City Energy Facilities Management Ltd, and so is Laver Group Ltd.

Of the other companies in the group panel at the top, accounts are now overdue with Companies House for those that haven’t officially gone into liquidation or receivership.

UPDATE 25.03.2026: First Gazette notice for compulsory strike-off has been issued against City Training Group Ltd, Simply Electric Metering Ltd, and Advance Energy Services Ltd.

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CAIRNGORM CAPITAL, A PERSONAL CONTRIBUTION

As you’ve read, Cairngorm Capital of Edinburgh is central to the collapse of CES and other companies in the group.

I earlier made a reference to “parasite capitalism” to describe Cairngorm, but maybe a better description would be ‘slash and burn’.

We invest in profitable companies that have the potential for transformative growth.

That’s Cairngorm’s business model; and yes, bankruptcy is certainly “transformative“.

In January I put out, ‘Cairngorm Capital – The Kiss of Death‘. In that piece I looked at other companies, outside of Wales, that got involved with Cairngorm. And found a very similar story with them.

One was Sentry Doors, near Doncaster. And I recently received a message from a former Sentry Doors employee. You can read it here.

That is a very unhappy ex-worker.

And yet it gives a personal insight into the Cairngorm business model we’ve seen in Wales – take over, put in (or buy) accomplices, treat the workers (and customers) like shit, run the company into the ground, grab what you can, do a runner.

The reference made to ‘ESW Knowles’ is to a linked company in Birmingham, that last June changed its name to Sentry Fire Safety Group Birmingham Ltd.

The directors there work for Cairngorm, and this company is covered by the same charge with Oaktree Bank PLC as covers Sentry Doors.

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CONCLUSION

A big part of the problem is that when governments have shovel-loads of cash to throw away on schemes like ECO4, with poor regulation and oversight (if any at all), then such schemes will draw people who, to put it kindly, will be less than honest.

And this will involve both local companies and foreign investors. With the former being used by the latter to grab the loot.

Here’s perhaps a personal example of what I’m talking about. Just last week the leaflet below came through my letter-box.

I phoned the number given, on Sunday, and again yesterday. Both times I got an American voice telling me the number was disconnected. What’s the point of distributing a leaflet with a non-working number?

The QR code links to the website. Which suggests a company called ‘FTCH Wales’. Using the same, unobtainable phone number. The Companies House registration gives the address of a Colwyn Bay solicitor.

(As for the ‘accreditations’ on the bottom – ignore them. Yer pays yer money and yer gets yer little badge, no questions asked. Or you just copy and paste.)

Googling the phone number brought up a link to FTCH Group, in Liverpool, possibly above an Italian eatery. (FTCH stands for First Time Central Heating.) The website provides the following message:

Yeah, I know the feeling.

In view of what happened to Consumer Energy Solutions (Reminder), and given the web of linked companies, some collapsed, the shady foreign investors, the missing money, the cold calling, there should be an official investigation.

But there won’t be.

Because the ‘Welsh Government’ is utterly useless. When it comes to money, business, or running an economy, those virtue-signalling clowns in Corruption Bay have been out of their depth since devolution started on May 6 1999.

They were always easy prey for sharks and shysters. But let’s look ahead.

After the Senedd elections on May 7 Labour will be out of power. Plaid Cymru looks likely to emerge with most seats, but not enough for a majority, so that’ll mean a coalition or some kind of agreement.

Things can only get worse.

A hell of a lot worse.

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© Royston Jones 2026

Buy Me A Coffee

Cairngorm Capital – The Kiss Of Death

On By JacIn Corruption, Globalism18 Comments

This is a follow-up to my previous piece on the collapse of Consumer Energy Solutions Ltd (CES), owned by Cairngorm Capital. I suspect CES will be followed by linked companies that have also been taking advantage of the UK government’s ECO4 scheme, due to end in March.

Even before the scheme ends MPs are calling for an investigation into the shambles into which it degenerated. Demanding the Serious Fraud Office be involved.

Cairngorm is a private equity firm using leveraged buyouts. In other words, borrowing money to buy companies, loading the debt onto those companies, bumping up their value, then getting out as quickly as possible with as much loot as they can.

A business practice many regard as unethical, even a form of asset stripping.

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QUICK RECAP

Here’s the group of companies we’ve looked at in earlier posts.

Cairngorm’s arrival was soon followed by loans or Security Accession Deeds with Alter Domus Trustees (UK) Ltd. Which is in turn owned by Alter Domus DCM (UK) Ltd.

A Security Accession Deed is a legal document used to add new parties—such as borrowers, guarantors, or lenders—to an existing security trust deed or loan agreement.

Following the ownership trail brings us – according to latest accounts filed with Companies House – to the Eighth Cinven Fund. Cinven is another private equity firm.

This fund raised $14.5bn. Here’s the Cinven website. Most of the money came from pension funds and sovereign wealth funds. For example, $280m from New York State Common Retirement Fund. A further $167m from California State Teachers’ Retirement System.

It all links up when we see that Alter Domus is listed as one of Cinven’s ‘portfolio companies’. Cinven has offices across Europe, but prefers to be based in, and subject to the easy-going regulations of, Luxembourg and Guernsey.

BlackRock may even be involved.

Alter Domus, the leading global provider of tech-enabled fund services for the private equity, real assets and private debt sectors today appointed Mark Wiseman as Chairman. Mr. Wiseman is the former Head of Active Equities and Chairman of BlackRock’s Alternatives Business, as well as President & CEO of Canada Pension Plan Investment Board.

All that said, the latest accounts filed with Companies House by Alter Domus DCM (UK) Ltd tell us what you see below:

Cortland is based in Chicago. Which might explain Alter Domus US LLC. Also involved, and mentioned in this 2017 article, is Permira Funds. This latter entity is ultimately owned by Permira Holdings Ltd of Guernsey.

That’s enough links!

So . . . these Welsh companies pocket lots of money from the ECO4 scheme, get involved with Cairngorm Capital, and more money is pumped in from God knows where.

Which could mean that the pension fund to which Minnie Schwarz, retired teacher of Indian Falls, New York State, belongs, may have been used to do Mrs Jones’s cavity wall insulation in Llansamlet.

Cos it’s a small world.

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A LITANY OF ENGINEERED FAILURE

The first link in the chain after our local boys is obviously Cairngorm. And given that these Welsh companies are either already up Shit Creek or heading at full-speed in that direction, I decided to look at other companies with which Cairngorm has become involved.

Mindful of what I found on the Cairngorm Linkedin page.

Going through the Cairngorm website I turned up this list. So, naturally, I checked out these companies.

First, Bromborough Paints. And it’s quite an interesting tale.

Let’s start with this report from October 2022, telling us that Bromborough Paints had got involved with Cairngorm in March 2021. Then, after takeover, it rebranded to Paintwell.

And there were loans taken out. With Cairngorm acting as security agent.

Bromborough Paints had been in business for 60 years. The last accounts before the involvement of Cairngorm show a gross profit of £5.9m (Net profit £1.06m) on a turnover of £16.9m. And total equity of £12.4m.

Finally, Paintwell went into administration and was taken over by Brewers Decorator Centres. It’s alleged there is £30m in unsecured creditor claims.

‘Unsecured creditors’ are often redundant employees, local suppliers, the little people, not institutional lenders.

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Next it’s Building Supplies Online Ltd. If it’s this company, then it was dissolved in September 2023. Though this article from June 2025 mentions CMO Group Ltd, also in Plymouth. CMO began life in June 2021 with a share issue of £50,000.

Against CMO there are two outstanding charges with Clydesdale Bank.

Not sure what’s going on here but, rather like some women I’ve known, it don’t look good from any angle.

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Moving on to E-Zec Medical. (CH entry.) Where, by a long and tortuous ownership route (maybe a dozen companies!) we arrive at Emil W. Henry Jr of 717 Fifth Avenue, Suite 12a, New York, New York, United States. He took control in February 2025.

So who is he? Well, I found this:

Mr. Henry is the CEO and Founder of Tiger Infrastructure Partners, a private equity firm focused on infrastructure investment opportunities. Prior to founding Tiger Infrastructure Partners, he was Global Head of the Lehman Brothers Private Equity Infrastructure businesses, where he oversaw global infrastructure investments

Here’s the website for Tiger Infrastructure Partners.

Along the way, while chasing the ultimate owner, I noticed loans from Glas Trust. A name that’s cropped up on this blog more than once. Control of Glas Trust probably rests with yet another private equity firm, Levine Leichtman.

The most recently filed accounts for EZEC do not paint a healthy picture.

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No 4 on the list is Grant & Stone Group. Which Cairngorm took over in November 2019. And things looked good, expansion followed.

Grant & Stone is now owned by Cairngorm Capital Partners III LP. I got that from the most recent accounts filed with Companies House, up to 31.12.2023. Companies House is still waiting for the latest accounts.

There are, predictably, two outstanding charges with Alter Domus Trustees (UK) Ltd.

I suspect Grant & Stone is another one about to bite the dust.

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Next up is Independent Builders Merchants Group Ltd. Here’s what Cairngorm has to say. Though it needs updating. Again, two outstanding charges with Alter Domus Trustees (UK) Ltd.

At the time of writing, the accounts are overdue with Companies House.

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Now we move on to MRO+ Solutions Group Ltd. This began life in December 2017 as Cairngorm Acquisitions 5 Bidco Ltd. It’s now owned by two-year-old Zinc Group Topco Ltd. Though ownership ultimately rests with Martin Green.

MRO is now losing money, and there are of course outstanding loans.

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Millbrook Healthcare is the next stop. Bought by Cairngorm in 2019. At the top of the Millbrook ownership pile is Millbrook Healthcare Holdings Ltd, owned by Cairngorm Capital Partners LLP.

To my untrained eye, this is not a company in good financial health.

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Fasten your seatbelts as we look at National Timber Group. This report from just last November might explain where we’re going. However, it seems there was a very recent ‘rescue’ by a Welsh company.

But don’t get carried away, because top of the ownership pile here seems to be National Timber Group Topco Ltd. Owned by Cairngorm Capital Partners II LP. With accounts overdue with Companies House. The most recent accounts filed (y/e 31.12.2023) show turnover dropping and, after returning a small profit in 2022, a whopping loss of £22,738,3045 in 2023!

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On now to Sentry Doors. Sentry Doors Holdings Ltd was Dissolved in July last year. Though other companies in the group, such as Sentry Fire Safety Group Ltd, seem to retain the semblance of life. Though I’m not convinced.

Not clear which is the top company, but I am sure that everything is ultimately owned by Cairngorm Capital Partners II LP.

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The next entry is Verso Wealth Management. Things seem to be chugging along quite nicely. Though I’d watch for the two outstanding charges with Glas Trust.

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The penultimate case study is Whyte Bikes. Here’s the website.

This company was owned by Cairngorm until very recently, then sold to Irish company Causeway Capital. This entry below, listed under ‘Post Balance Sheet Events’ on the most recent accounts suggests the association with Cairngorm was not to Whyte’s advantage.

There are four outstanding charges, two with Cairngorm. So don’t build your hopes up.

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Finally, a comment to my blog directed me to this Linkedin post. It’s worth reading. As are some of the comments. Not least because it gives us yet another company with which Cairngorm Capital has been involved. So let’s check it out.

The company is Customade Group Ltd. Dissolved at the end of 2019. I suggest the name to focus on among the directors is Neil Andrew McGill. Here’s his Linkedin page. And here he is getting a special mention from Cairngorm in December 2018.

McGill is now Group CFO at Verso Wealth, which we looked at just now.

Note the four outstanding charges. Two with Cairngorm.

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So there you have it. The companies Cairngorm gets involved with are rarely unalloyed successes. In fact, there may not be one success among them.

There’s more chance of finding someone in the WRU hierarchy who understands rugby, and knows something about Wales, than there is of finding a Cairngorm success story.

But then, it all depends how you gauge ‘success’. Somebody, somewhere, is making a packet, but it won’t be the workers at the companies getting shafted by Cairngorm. Nor the small local suppliers left with unpaid bills.

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ASSET MANAGEMENT & PRIVATE EQUITY

The financial world in recent decades has seen the rise of those who make nothing, grow nowt, contribute little to the wealth of nations, but become extremely rich, and politically powerful.

I’m referring to asset managers, most of which are US based. The Big Three being BlackRock, Vanguard and State Street. There are many, many others, like Alter Domus and Emil W Henry Jr.

They invest pension funds, personal savings, sovereign wealth funds, and money from other sources, with only one intention – making money. Which may be good news for Minnie Schwarz in Upstate New York, but is often bad news for those at the other end of the chain.

Which always seems to be us.

And while Cairngorm may protest they don’t invest in “distressed companies“, the companies they invest in soon end up in that state.

As for Consumer Energy Solutions, I’m convinced that what happened there couldn’t have been done without the cooperation of some of the directors at CES and the wider group.

So while I support MPs’ call for the Serious Fraud Office to look into the abuse of the ECO4 scheme, I also believe we need our own investigation in Wakes into the collapse of Consumer Energy Solutions and the behaviour of the wider group.

Focusing in particular on certain prominent individuals.

♦ end ♦

© Royston Jones 2026

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Grab The Money And Run!

On By JacIn Corruption Bay, Public Funding, Welsh Business Community31 Comments

In this piece I’m going to look at the collapse of Consumer Energy Solutions (CES) earlier this month, ask what could have gone wrong, and consider what the future might hold.

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BACKGROUND

There is a group of companies in south Wales involved in ‘retrofitting’ homes with cavity wall insulation, solar panels, loft insulation, heat pumps, etc., capitalising on the UK government’s ECO4 and related schemes.

They’ve experienced rapid growth in recent years. Most seem to be still in business, but the largest among them, in terms of turnover and profit, is in administration.

These companies are all owned by Dragon 2023 Topco Ltd, which is in turn owned by Cairngorm Capital Partners LLP, part of the Cairngorm Capital group of Edinburgh.

I’ve written about these companies a couple of times. Most recently with, ‘Corruption Bay’ Living Up To Its Name? just last month. I urge you to read it so you understand better the background. Also, the histories of some of the principals involved.

It’s quite fascinating.

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CONSUMER ENERGY SOLUTIONS

Something I remarked on last month was the huge increase in turnover and profits being reported by CES in its returns to Companies House. Here’s a clip from the most recent accounts (to 31.01.2024) which will explain what I’m talking about.

By any criteria, in any sphere of business, these figures are remarkable. So where did all the money go? And why is CES in administration?

Go to the accounts and scroll down to Note 25, where you’ll see under ‘Related party transactions’ that £74,326,749 came as revenue from City Energy Network. You’ll also see mention of the companies we’ll be looking at in a minute.

The directors who must claim credit for these profits have all now left the company.

The three I wish to focus on are: Ahmud Saleem Furreed, Lewis Edward John, and Stephen Mark Williams. All joined CES 19.01.2016, when the company was formed. They left either in June or September last year.

What are these talents of the retrofitting business up to now?

Before proceeding, it might be worth throwing out there that Furreed is a Labour party donor. I can’t speak for the political affiliations of the other two.

Here’s the Companies House list of Furreed’s companies. I’ll ignore some of the older ones and start with Assure Connect Ltd, where we find the three I’ve just introduced.

This company was formed in September 2019, has filed no accounts, uses as its address the old Evening Post offices in Swansea, and is presumably facing strike-off.

Next up is Majasala Ltd. And now it gets interesting. Formed in March 2023 this company’s ‘investments’ jumped from zero in year ending 31.03.2024 to £4,443,982 in a year! Furreed is the only director and sole shareholder of this ‘management consultancy’.

Though thanks to ‘creditors’ Majasala returned a deficit of £447,961.

Now we turn to WRYL Ltd, also based in the SA1 Waterfront district. This outfit was born 10.03.2023 and buried unmourned 20.08.2024. During its brief existence Furreed, John and Williams were the directors. It filed no accounts.

But before its demise, WRYL was taken over, in March 2024, by View Investments Ltd. Where we find Nicholas Simon Pritchard! (More on Nick later.) View Investments was formed 19.10.2023, yet in is first accounts, 30.10.2024, Pritchard’s company could declare assets of £5,486,684.

Where could it have come from?

We now turn to Secret Squirrel Property Ltd. What a lovely name! Is it a reference to squirrels hiding their nuts? This company was launched 18.11.2024, so it hasn’t needed to file accounts yet.

But a confirmation statement tells us that each of the following owns 1,000 shares: Majasala Ltd (which we’ve already looked at), LEJ Holdings Ltd, and TWE Partnership Ltd. So let’s see what entertainment they can provide.

LEJ Holdings, launched 9 March 2023 is, as the initials suggest, the company of Lewis Edward John. The most recent accounts paint the following picture.

Total assets of over ten million pounds, all arriving between the end of March 2024 and the end of March 2025, but virtually all wiped out by creditors. With the  accounts saying only, “owed to related parties“.

TWE Partnership Ltd paints a similar picture. Some five million pounds in assets, most of it accounted for by ‘debtors’, with creditors leaving just £217,000 in the piggy-bank.

Back to Furreed, and his most recent venture, Claimwise (UK) Ltd. Launched three days before Christmas just past. Four directors; Furreed, a younger man of the same name, perhaps his son, plus his regular partners, John and Williams.

The younger Furreed has a real estate company, JFurreed Property Network Ltd, formed in August last year. And just before Christmas he started up JFurreed Holdings Ltd.

So . . . after the most recent accounts for Consumer Energy Solutions, and before it was announced that the company had gone belly-up, ∼£25,000,000 appeared in the accounts of companies run by the three individuals who’d been directors of CES, and another company that was transferred to Nick Pritchard.

Companies that had virtually, or even literally, nothing before these windfalls.

You can draw your own conclusions on these rags to riches stories.

UPDATE 03.02.2026, RUMBLING ON:

This article is from today’s Western Mail. It also appeared in the Daily Post.

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CAIRNGORM CAPITAL PARTHERS AND THE ‘LAST MAN STANDING’

Earlier I wrote, “These companies are all owned by Dragon 2023 Topco Ltd, which is in turn owned by Cairngorm Capital Partners LLP, part of the Cairngorm Capital group of Edinburgh“.

But as the website tells us:

Cairngorm Capital is a specialist private equity firm providing investment capital, strategic insight and sector-specific expertise to leading UK companies. We invest in private mid-market companies that have the potential for further substantial growth.

Which suggests that Cairngorm can act as a conduit between investors looking for “companies that have the potential for further substantial growth” and companies that fit the bill and need investment.

And that might be the case with Consumer Energy Solutions and the linked companies in the group. But if so, then where might the money be coming from to begin with?

After doing work like this for a few years I’ve noticed that ‘background’ companies will often have a representative serve as a director and/or a senior officer within the company invested in to keep an eye on things.

With the retrofitting group we’re looking at, we saw Cairngorm Capital LLP had its representatives in the forms of Matt Anstead, former managing director, and Andrew Steele, managing partner.

Steele succeeded Anstead on the board of holding company Dragon 2023 Topco Ltd just before Anstead left to join Benoil Services Ltd.

When we look at who’s left in the companies subordinate to the Topco, we see one name, the sole director, and that name is Robert Benjamin Nathaniel Brodie. So it’s worth asking if Brodie might be representing someone else. And if so, then who?

One possibility – and admittedly I’m flying a kite here – is the company he left in March 2024, Ensera UK Bidco Ltd. Which for some reason is not listed in his Linkedin page.

This company is owned by Stark UK Topco (Guernsey) Ltd, owner of Jewson, the builders supplier. Which is where it gets a bit messy. For Google AI tells us:

Stark UK Topco (Guernsey) Ltd is part of the larger Stark Group, a major building materials distributor, and is ultimately owned by CVC Capital Partners Fund VII, a global private equity firm that acquired the STARK Group in 2021. CVC manages investments for various global institutions, including pension plans, meaning it’s owned by many investors worldwide. 

And there seems to be little doubt about it. “Fund VII will have over €16 billion of equity capital available to invest. It is the largest European fundraising on record.”, says Simpson Thacher.

Though there has been the odd hiccup.

We are clearly dealing with major investors. And serious money.

But the point is that Brodie was tied up with this lot, then joined the retrofitting companies we’re looking at. So let’s look at when Brodie joined the companies that were out in the field, as it were, doing the work. Which excludes the ‘Dragon’ companies. (Click on date for details.)

In all these companies he is now the sole director. After leaving Ensera UK Bidco Ltd, ultimately owned by CVC Capital partners Fund VII, on March 22, 2024.

Diversity Network Holdings Ltd 28.05.2024.

Advance Energy Services Ltd 28.05.2024.

City Energy Facilities Management Ltd 28.05.2024.

Simply Electric Metering Ltd 28.05.2024.

City Training Group Ltd 28.05.2024.

Consumer Energy Solutions Ltd 31.05.2024.

City Energy Network Ltd 24.06.2024.

Heatforce (Wales) Ltd 01.07.2024.

Still clutching the string of my ever-so-pretty kite . . . Robert Benjamin Nathaniel Brodie could be representing those behind CVC Capital Partners Fund VII, who’ve been investing in these Welsh companies through Cairngorm Capital Partners LLP.

If I’m wrong, then why did Brodie get involved in the first place, and why is he the last man in the wheelhouse when everybody else has abandoned these sinking ships?

UPDATE 20.01.2026: A fresh comment to my earlier post on these companies suggests that getting involved with Cairngorm often results in going bust. So I checked. And it’s true. Here’s what I put out on X.

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WHAT ELSE IS NEW?

Earlier I mentioned Nicholas Pritchard, Bangor City ultra, businessman. To help you appreciate what a busy boy he’s been, I compiled a list of companies he’s been involved with for the piece I put out last month. Here it is.

There have been a few developments.

When writing last month’s piece I was particularly intrigued by Pritchard’s involvement with the company Quidos of Bath which, as you’ll see from the image below, provides both training and accreditation.

Some might think that a company wanting to take advantage of government schemes, and then send out untrained – but ‘accredited’ – operatives to do sub-standard work, would find a company like Quidos attractive.

There is now a long list of Quidos companies, some even giving Welsh addresses. Such as Quidos AI Ltd, Quidos Capital Ltd, Quidos Facilities Ltd, and Quidos Protect Ltd. These new companies or acquisitions were launched, or changed name, less than a year ago.

Control is often exercised through Quidos Holdings, or another Pritchard company giving an Essex address, where Quidos Group Ltd is based. Just look at who’s funding Quidos Group – Pritchard himself and View 2 Investments Ltd.

The latter, a company set up in October 2024, is due to be struck off by Companies House for not filing a confirmation statement.

Think about it . . . View 2 Investments, set up 29.10.2024, is lending money to another Pritchard company, Quidos Group, formed April 2024, and giving a Romford, Essex address, to buy substantial semi-detached properties in Holyhead!

Another Pritchard company giving an Essex address is Hathaway House Holdings Ltd.

In the address given for a number of Pritchard companies you will have seen the name ‘Bodlondeb’ a few times. This is the fine old council building in Conwy, now leased to Quidos Investments Ltd.

I wonder what Pritchard has planned for the old pile?

Enough! I’m going giddy.

◊

CONCLUSIONS AND RECOMMENDATIONS

Let’s think again about the 25 million quid we looked at earlier; will Furreed, John, Williams and Pritchard really be keeping it, or is it going somewhere else? Maybe after they’re taken their cut?

And let’s not forget they have shares.

The three CES directors were paying themselves big salaries, and also paying CES money into their private companies. It was probably the same throughout the group. And “close family members” were recruited as “subcontractors“.

But beyond the financial, there are other considerations.

Not least, the customers left in the lurch. With shoddy work that needs fixing, or jobs that have simply been left unfinished. Disgruntled customers even have a website. Here’s how it reported ‘The Collapse of Consumer Energy Solutions‘.

One homeowner with whom we are in contact felt forced to sell their home after the devastating impact of a CES install. Another was moved into a care home pending restoration of their heating. And another family with an ill child claims to have been temporarily rehoused by their local authority

We’ve looked at the possible role of Quidos in training and accrediting those who worked for CES. But what about TrustMark, which seems to be funded and owned by the very companies it should be monitoring?

And local authorities that put companies like CES on their ‘Approved’ list? We know that Ahmud Saleem Furreed is a Labour party donor in the Merthyr Tydfil & Aberdare constituency, are there other political connections?

The reason for the collapse of CES and the other companies is almost certainly the impending end of the ECO4 scheme, scheduled for March 31. With so much public money having been allocated, there should be a forensic investigation of whether the money was well spent.

Seeing as we’ve been looking at Welsh companies that operate across the UK, and have gained a bad reputation, for themselves and for Wales, it should be a matter of concern for our politicians. And our media.

But our politicians are virtue-signalling clowns who spend most of their time trying to outdo each other in Wokery. While our media regurgitates their vapid utterances, trying to make us believe such laughable posturing will do anything to improve the real world we poor mortals inhabit.

There should now be a thorough investigation into what went wrong with CES and associated companies. But it won’t happen. There may be attempts to put right the botched work, the unfinished jobs – which will use up more public money.

But otherwise, there’ll be little more than hand-wringing and platitudes.

That’s due to the fact that too many of those who should have been monitoring the activities of these companies, protecting the public interest, were either negligent, or complicit.

Because that, gentle reader, is the state we’re in.

♦ end ♦

© Royston Jones 2026

Buy Me A Coffee

‘Corruption Bay’ Living Up To Its Name?

On By JacIn Climate, Colonialism, Development Bank of Wales, Labour Party36 Comments

This is a big post, in two ways. First, because there’s a lot of money involved. And second, because an incredible claim I stumbled upon throws up a very disturbing possibility.

◊

HITTING THE BIG TIME (REVISITED)

In July I wrote about companies in south east Wales being bought out and having lots of money pumped into them. You’ll find it here; ‘Saving The Planet – The Globalist Way!’.

These companies are involved in, “energy efficiency“; which means ‘retrofitting’ homes with solar panels, cavity wall insulation, heat pumps, loft insulation, that kind of thing.

They’re all linked under the holding company Dragon 2023 Topco Ltd. From the most recent accounts submitted to Companies House here’s a list of the companies owned.

And here’s my table of the interlinked companies and individuals involved, in pdf format with working links. (And helpful notes!)

The majority shareholding in Dragon 2023 Topco lies with Cairngorm Capital Partners LLP of Edinburgh. Part of the Cairngorm group of companies. Dragon 2023 Topco’s directors are: Robert Brodie; Chris McLain; Andrew Steel, managing partner of Cairngorm Capital Partners LLP; and Jonathan Neale.

Steel is also named as the controlling interest.

Another key player is, or was, Matt Anstead, managing director of Cairngorm Capital Partners LLP. Below is a clip from Anstead’s Linkedin page.

You’ll see Anstead joined Cairngorm around the time they took over the Welsh companies. Was he brought in for that job? And was the takeover funded with three loans in 2024 from Metro Bank?

Funding to the companies themselves comes from Alter Domus, a company registered in Luxembourg, that seeks ‘alternative investments’, and was recently taken over itself by another private equity firm Cinven.

What’s really behind it is, as ever, money. Local companies expand thanks to the UK government ECO4 scheme, making them attractive to bigger fish; while also offering opportunities for others to profit from investing in these companies and then claiming to be saving the planet in some way.

There are obviously pay-offs for those who’ve been previously involved in the companies, and of course jobs are created; but as ever – this being socialist Wales – the real money leaves the country.

I make that point because, as you should know by now, I support the capitalist model, and I have no objections to profits being made. But as a Welshman, and a nationalist, it pisses me off to see the profits leave Wales.

Wasn’t devolution supposed to improve things?

Before pushing on maybe I should remind you that July’s post was in two parts. One dealt with the companies taken over by Cairngorm Capital; the other with companies in the same area, and the same line of business, that were taken over by Buckthorn Partners LLP of Jersey.

Maybe I’ll return to this second lot another day.

◊

NICK PRITCHARD

Now we’re going to look at another man with a role in (he certainly benefitted from) the takeovers we just looked at. Though it’s not always easy to figure it out.

If the name rings a bell, it might be because Pritchard appeared in a Nation.Cymru article a few weeks back written by Martin ‘Shippo’ Shipton. It recounted Pritchard’s conviction in 2010 for growing cannabis, or providing premises where it might be grown.

So why bring it up now? Because Pritchard is associated with Reform UK, and may wish to stand for the UK parliament. This interest in his past is another sign of the desperate establishment that recently sent down Nathan Gill for something he said in 2018, and is now hunting for people Nigel Farage might have thrown milk over in kindergarten.

All done because the Globalist elite, and the political and media establishments they control, are getting worried by the rise of the ‘far right’ across the Western world. And so, as a mouthpiece for the Corruption Bay Uniparty, Nation.Cymru must get stuck in . . . or risk losing its ‘Welsh Government’ funding.

That said, Nick Pritchard is an interesting character; he seems to be a bit of a Jack the Lad, always looking for ways to make money. Nothing wrong with that as long as you stay on the sunny side.

But things never seem to be simple with Pritchard. Take this piece from Ideas Fest promoting his appearance at some event next year (my highlighting):

In 2013, Nick founded City Energy Network, an innovative energy efficiency consultancy based in Cardiff. The company specialises in the full retrofit journey from initial consultation to the implementation of the renewable measures recommended, his group of companies plan, and installs energy efficiency and low carbon measures for both homes and businesses and also specialises in Local Authority large scale projects.

But it makes no sense.

For a start, City Energy Network Ltd (CEN) was formed in 2011, but Pritchard’s name never appeared as a director or a shareholder. Perhaps because, Pritchard, sent down in 2010 for three-and-a-half years, would have been in prison when CEN was formed.

And what’s included in “the group of companies“?

Seeing as 2013 is mentioned by Ideas Fest, Pritchard may have been represented by one or both of Nicola Vaughan and Michelle Roberts, who became CEN directors 31.01.2014.

But even after he was released from prison I’m fairly sure Pritchard would have been disqualified from acting as a director for a few years. If he was operating through Roberts and / or Vaughan at CEN then “proxy management” is a criminal offence.

Coinciding with the arrival of Roberts and Vaughan all 100 CEN shares were transferred to Diversity Network Holdings Ltd (DNH), which Roberts and Vaughan had joined 28.01.2014. Pritchard didn’t become a director until April 2020.

A declaration dated 28.01.2015 shows the 100 DNH shares now distributed thus:

Though Pritchard did join Diversity Network Ltd 14.05.2012, which might have been not long after he was out of prison. And surely disqualified? Also directors were Michelle Roberts and Shelley Roberts.

There are other anomalies I could point out. Check names, DoB, dates.

When he was sent to prison Pritchard was reported to be in the “lettings business” in Bangor and other parts of north west Wales. He’s from Bangor, passionate about the local football club, he serves on the city council, so how and why did he get involved with companies in a totally different line of business at the opposite end of the country?

Hoping to make sense of it on a wet night with no football on the telly, I compiled a list of the companies Pritchard’s been involved with. Here it is, with the company name serving as a hyperlink.

You’ll see three company names in yellow blocks. These are also found in the previous table I linked to, showing the companies taken over by Cairngorm Capital. His past involvement with these companies perhaps accounts for Pritchard’s sizeable share allocation in holding company Dragon 2023 Topco Ltd.

You’ll see other individuals there with sizeable shareholdings. All have been involved with the companies we’re looking at. And Ahmud Saleem Eamon Furreed is a Labour party donor. (There may be other donors.)

Obviously, companies doing the kind of work we’re looking at need a stamp of approval, some accreditation. From a company like Quidos of Bath. And as you can see if you scroll down on that link, you have to pay for it.

But Pritchard now seems to own Quidos through year-old Quidos Holdings Ltd!

It could make life easier when you’ve got big stakes in companies ‘retrofitting’ and you also own a company that’ll give them a certificate to put up on the office wall saying they know what they’re doing.

Though many would disagree. Such as those involved with this website. Or those who gave these reviews to a company that’s among the clutch bought up by Cairngorm.

And we’ve all heard tales of cavity wall insulation resulting in damp and other horrors. I could tell you my own story.

You might have noticed that in some of his most recent business ventures Pritchard has been joined by celeb economist Dylan Jones-Evans.

What the hell is that about?

◊

WHERE IT GETS WEIRD

While researching this article I stumbled upon a remarkable letter addressed to Paul Davies AS/SM, in his capacity as chair of the Senedd Economy, Trade and Rural Affairs Committee.

It gets included in this piece because I’m convinced there’s a connection to what you’ve just read. Anyway, here’s the (redacted) letter. I urge you to read it carefully and consider what it alleges.

After reading it I last Monday I e-mailed Paul Davies asking what had happened to the complaint. Here’s his response. (The links don’t work as there’s an issue with linking to pdf docs created from e-mails.)

So here’s the link to the report on the DBW he references (Section 9).

I asked if I could use his response and he agreed.

I would have tried to contact the complainant, but one problem was that I believe he’s moved from his original address. The other reason will be given later.

What the letter alleges is that the complainant (hereinafter referred to as ‘A’) came up with a good idea, and was doing quite well . . .

The company grew quickly and gained significant market traction with companies such as Sainsburys Supermarkets and BT Openreach.

But presumably needing to expand, ‘A’ in 2017 applied to Finance Wales (now Development Bank of Wales) for a loan. That’s when things started going wrong.

Not only does ‘A’ claim he had to take on “a bank-appointed expert”, and pay that ‘expert’ £150,000 pa, but . . .

Less than 1 year later, I was accused of taking “unauthorised funds” from the company’s bank account and sacked.

This happened to be just 1 month after my refusal to sell the business to BT Group.

I lost my job, my shares (approx £3.8m at that time), my patent (£13m-£17m valuation) and was forced to go bankrupt in September 2018.

Is the complainant suggesting a link between him refusing to sell up to the BT Group and the criminal charges that soon followed?

Things got even worse. ‘A’ was arrested, tried at Swansea Crown Court – but was acquitted by the jury. (Which might explain why the Labour government in Westminster wants trials without juries.)

To add insult to injury . . .

To note, after my dismissal the business was moved from Lampeter . . . where we employed up to 17 local people to Cardiff. Where they employed only 3.

After the business moved to Cardiff, both [name redacted] and [name redacted] set up new battery storage business, using my invention, and even got further funding from DBoW for these copy cat companies.

That is one hell of a story. And yet, if you think about it, the danger of such an outcome is always there. Just imagine . . .

Dai Schmuck out in the sticks comes up with a good idea, but he needs money to expand. So he goes to the Development Bank of Wales. They appoint ‘advisors’, who may move in the same circles as the bank officials who give them the gig.

The DBW admits to appointing the same favourites as ‘advisors’ again and again.

In a follow up letter to the Committee’s session with the Bank, the Chief Executive noted that it did re-appoint the same people
multiple times if it thought that person was a good match and had capacity.

Though an unscrupulous ‘advisor’ might say to himself: “Hang on, this bloke’s got a good idea – let’s nick it and make a fortune“. It’s a sweet system, but only if you’re well connected in Corruption Bay.

I could tell you more, but I’d be sticking my scrawny neck out. What I will say is that as I know the name of the company ‘A’ is referring to I can probably identify those he claims ripped him off.

From what I can see, ‘A’s allegations seem to have been kicked into the long grass. Maybe nobody in Corruption Bay wants to know the truth. Or perhaps they don’t want us to know the truth.

But the real twist is that ‘A’ is now teamed up with Nick Pritchard. And this happened soon after he started making waves with his letter to Andrew Davies.

What the hell is that about?

◊

CONCLUSION

We need an independent investigation into the Development Bank of Wales.

In particular, we need to know how it chooses ‘advisors’ for small companies needing help. We also need to know the conditions imposed on those companies. And the behaviour expected of the ‘advisors’.

But then, it’s unlikely anyone will get straight answers. Because Wales is corrupt.

All devolution has done is give Labour more chances to be corrupt, more money to squander, while also providing more opportunities for cronyism. Third sector outfits, pressure groups (closed to non-socialists), are funded to fight problems that don’t exist.

Sinecures and non-jobs for insiders proliferate.

In recent decades Labour’s joined forces with Plaid Cymru. Together, they’ve built a fortress they see as a bastion from where they combat racists, homophobes, climate deniers, Islamophobes, a white supremacist countryside, misinformation, and colonialist Welsh cakes!

In truth, it’s ‘Corruption Bay’, and its enemies are honesty and openness.

Because what they get up to must be kept secret. This explains why Corruption Bay is unique in the Western world in refusing to have a register of lobbyists. “Why do you need to know?”

But I’m forgetting Cairngorm Capital, Nick Pritchard and the rest . . . here we have a man with a ‘colourful’ past, dubious associates, now teamed up with Professor Dylan Jones-Evans, who’s often critical of the DBW. Pritchard also teamed up with ‘A’ soon after ‘A’s complaint against DBW was heard.

What the hell is that about?

Answers on a postcard please. (I will not accept diagrams or flowcharts.)

♦ end ♦

© Royston Jones 2025

Saving The Planet – The Globalist Way!

On By JacIn Cardiff, Climate, Colonialism, Corruption Bay, Environmentalism, Globalism, Senedd, Welsh Government, Welsh Labour, Wind Turbines40 Comments

This is something I considered putting out on X; in fact I did, briefly. But more digging made me realise it was so illustrative of the state of Wales it merited a piece on the briefly revived blog.

◊

HOW IT BEGAN

It all started when I noticed a couple of unfamiliar vans in our street. I didn’t recognise the livery, they carried 03333 phone numbers. One had been registered in Bath, the other in Nottingham.

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Curiosity aroused, I thought I’d check out the website given on the vans. But when I tried to reach www.advanceenergy.co.uk I hit the brick wall you see below. Nothing’s been posted on the Facebook page since January 2024.

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Now I was really curious.

Next stop, the Companies House website. And from here, a picture started to emerge.

Advance Energy Services Ltd began life in October 2016 as Bright Plumbing and Heating Ltd of Pontypridd. It failed to take off, and in January 2019, with compulsory strike-off just averted, two new directors came aboard: one being Michael Ian Wayman.

I mention Wayman because while he was a director at Advance Energy Services he and another man started a company called Advance Energy (UK) Ltd. Formed in October 2019 it gave up the ghost in July 2021 without ever filing accounts.

At the same time, another Wayman family company, Smart Energy Homes Ltd, saw an upsurge in fortunes. Though the sketchy accounts offer no explanation.

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Meanwhile, directors came and went at Advance Energy Services, and the company address changed a few times.

But something might then have gone awry. I say that because I turned up this notification on the Financial Conduct Authority website dated February 2023. Wayman and his associate are named.

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From this point on I shall avoid naming Welsh or Wales-based individuals unless I feel it’s necessary. It may be possible to find the names on official documents by following the links. That’s unavoidable.

Just over a year on from the FCA mention, in May 2024, Robert Benjamin Nathaniel Brodie became a director. In fact, he joined a host of companies giving addresses mainly in south east Wales. Here’s his Linkedin profile.

He was joined in March this year, at a number of the companies, by Christopher McLain. McLain seems to have had no directorships before then. Here’s his Linkedin profile.

McLain is CEO of City Energy Network Ltd, while Brodie is the Chief Financial Officer. Here’s the Cairngorm Capital takeover reported.

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Returning to Advance Energy Services Ltd, the company secretary works full-time for solar panel and heat pump installer, Heatforce. Where we find Brodie (but not McLain). In fact, Brodie is the sole director now listed for Heatforce.

This company uses an address where we’ll find a few other companies in the table below: Unit 10, Lambourne Crescent, Cardiff Business Park, Llanishen, Cardiff CF14 5GP.

◊

THE WEB

I think the best way to join up the dots is to look at the companies where Robert Benjamin Nathaniel Brodie recently became a director. For he seems to be the key, the link to the ultimate owner.

Here’s the list of Brodie’s companies supplied by Companies House. And below a table I compiled of those companies. (Here in PDF format with working links.)

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It might look complex, but believe me, everything leads back to Dragon 2023 Topco Ltd and, ultimately, Cairngorm Capital.

There are six names that crop up more than once in the companies found in the table, prior to the takeover by Brodie and McLean. I shall refer to these as The Six.

We find them in Mudrock Investments Ltd. Launched in August 2020, a year or two before they started paving the way (apparently) for Cairngorm Capital.

Mudrock’s into real estate. I know that, partly because Companies House tells us, but also because Mudrock last year applied to Swansea council for a change of use.

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If we turn to the Companies House registration we find only two directors. But the other four can be found on the Certificate of Incorporation, where, if you scroll down, you’ll see The Six have 10 shares each.

The first (skeletal) accounts filed (as at 29.08.2021) showed fixed assets of £390,000. In the most recent (equally skeletal) accounts (to 31.12.2023), Mudrock’s fixed assets had rocketed to £3,142,088.

The address given for Mudrock on the Certificate of Incorporation is Coptic House 4-5 Mount Stuart Square, Cardiff. Though the address used now is a nice little gaff out in Cyncoed.

But it doesn’t end there.

Another strange entity associated with some of those named above was WYRL Ltd, giving an address on Langdon Road, which runs alongside the old Prince of Wales Dock in Swansea. (Where a boy I knew a long time ago used to go fishing.)

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The 120 WYRL shares were distributed between Diversity Network Holdings (80) and one of The Six (40). WYRL was launched 10 March 2023 and folded 20 August 2024 without filing accounts.

Diversity Network Holdings leads back to Cairngorm Capital. (See table above.)

Just before the end, control passed to View Investments Ltd, where we find two of The Six as directors and shareholders. This company has just avoided strike-off.

There are other companies linked to this lot, but life is short. All I will say is that over the years I’ve reported on many companies that start up and then fold without apparently doing anything, without filing accounts.

This often denotes shady dealings, even criminality. I’m not saying that any referred to here are involved in such activities, but it never looks good.

Since the arrival of Cairngorm Capital, financial support for most of the companies named here and listed in the table has come from Alter Domus.

One thing is clear from looking into these companies, and those involved: A lot of money became available around the time Cairngorm Capital showed up.

Footnote: At the time of publication the accounts for, CEN Holdco Ltd, Dragon 2023 Topco Ltd, Dragon 2023 Midco Ltd, Dragon 2023 Bidco Ltd, were overdue with Companies House.

Though I suspect most of these companies, having served their purpose, will now be dissolved. But perhaps not Dragon 2023 Topco Ltd. Not yet, anyway.

For last November there was a share issue amounting to some £100,000,000. Here’s how those shares were divvied up.

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As you can see, The Six came out of it very well.

◊

SURELY NOT!

Something struck me while writing about Cairngorm Capital, operating through companies using ‘Dragon’ in the name.

Because it reminded me of the funding for Parabola Bute Energy and its 666 wind farms (none yet built), which have been getting their funding from Copenhagen Infrastructure Partners through companies using ‘Dragon’ in their names.

One is CI IV Dragon Lender Ltd. Another is CI IV Dragon Holdco Ltd. (Though both have recently changed to CI V.) I suppose using the term is a way of showing these companies operate in Wales.

Something else that struck me was that both Parabola Bute and Cairngorm Capital are based in Edinburgh. Now I appreciate that the Scottish capital is a sizeable city, and a major financial centre, so maybe it could all be dismissed as a coincidence.

Edinburgh. Click to open enlarged in separate tab

But Bute and Cairngorm are both in the electricity business; at different ends, admittedly, but they could complement each other.

Parabola Bute’s wind farms could generate the electricity, be stored in their Battery Energy Storage Systems, distributed by GreenGenCymru, with Cairngorm companies installing the unnecessary but expensive equipment to maximise the profits.

Just a thought.

◊

THERE’S MORE . . .

While I was writing this I received information about something similar happening in the same part of the country and similar kinds of businesses. The name given to me was the Cardo Group.

Naturally, I looked into it. Typing ‘Cardo’ into the Companies House website brings up many options, but here’s the one we’re interested in.

A company Incorporated February 2015 as LCB Construction Holdings Ltd changed its name to LCB Group Holdings Ltd in October 2022, before finally bursting forth as Cardo Group Ltd in May 2023.

LCB was started by a local businessman who is now CEO of Cardo. The website tells us that Cardo provides: ‘A total solution for maintaining and retrofitting homes’.

One cause for concern might be the list of Cardo directors. I suspect that of the 8, our local businessman and a long-time associate may be the only ones living in Wales.

When we turn to ‘person with significant control‘ we see that in May 2023 this passed to BP INV Bidco Ltd. Checking who controls this outfit tells that our local has a minority shareholding, with control exercised by Buckthorn Partners LLP of Jersey.

Here’s the Buckthorn website. It lists Cardo as one of its companies. And three of its directors – Chaichian, Connolly and Fletcher – also sit on the Cardo board.

That Buckthorn board is truly impressive. Two Conservative peers and two chaps called Jonty. Break out the Pimms!

But why did it buy out the operation in Cardiff?

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The answer is that LCB gave Buckthorn entry to the Welsh social housing sector, for heat pumps and all the other bollocks. (But mighty lucrative bollocks.)

Then, because the ‘Welsh Government’ has bought into the climate scam, and it funds housing associations, they must fall into line. Social housing tenants have no choice.

‘Hello, Mrs Evans . . . just to let you know there’ll be a team coming round tomorrow to put a carbon capture plant in your back garden, right love’.

Knowing how close housing associations are to the ‘Welsh Government’, and the Labour party, there is no way that Corruption Bay would have been unaware of Buckthorn’s arrival.

One rabbit hole I sniffed without venturing too far in was Glas Trust Corporation Limited, a funder associated with Cardo, BP INV Bidco, and possibly others since the Buckthorn takeover. (I initially thought it might be Welsh!)

By a tortuous route I found that the ultimate owner is Unicorn Topco Ltd, which is itself said to be currently parentless. Though I suspect a connection with Levine Leichtman through Unicorn director and LL partner Josh Kaufman.

UPDATE 04.08.2025: Since writing this piece there’s been a lot of activity with BP INV6 Bidco Ltd. Many ‘replacement filings’ and ‘clarifications’ related to the allotment of shares, suggesting some confusion.

See what you make of it.

◊ 

FOR THE HARD OF UNDERSTANDING

Let me explain how the Globalist climate scam operates:

1/ Globalist corporations, private equity funds, etc, often working through pressure groups, ‘persuade’ governments to provide funding for green energy projects. In other words, anything that can be sold as saving the planet.

2/ Governments find the funding, even if it means taking money from schools, pensioners, the NHS, neglecting infrastructure, or even raising taxes.

3/ Those who started the process now take over the companies that will be doing the work and serving as conduits for the loot. Or even create new ones.

4/ Globalist corporations, equity funds and the rest then trouser the money they themselves persuaded governments to shell out in the first place.

They might keep the names of local companies, or give new companies Welsh-sounding names, to create the impression that it’s all owned by tidy boys from roun’ by ‘ere.

∼

Let me pause here and make something clear. I believe in independence and the capitalist economic model. I want to see Welsh entrepreneurs and Welsh companies employing Welsh people and building a strong Welsh economy.

But what we’ve looked at here, what we see with the ‘Welsh economy’ in general, is window-dressing. The control always lies elsewhere, and that’s where the profits go.

Because the socialists wrecking Wales prefer silly gestures to building an economy. Apparently believing we Welsh must be protected from the corrupting influence of prosperity.

◊

FINAL THOUGHTS

What you’ve read here is so typical of Wales after 26 years of devolution and Welsh politicians being suckered into obeying the Globalist agenda.

Yet stupid enough to believe they’re doing the right thing!

I keep referring to the ‘climate scam’, because that’s what it is. Dreamt up by a corrupt and decadent elite that bribes, blackmails, or brainwashes politicians and others.

Here we see that class in pursuit of greater wealth and total control.

The wealth comes by many routes, not just the Net Zero lie I’ve just described.

Authoritarianism creeps up through censorship we’re told is vital to protect us from ‘misinformation’, ‘disinformation’, the ‘far right’, ‘climate deniers’, ‘transphobes’, Nigel Farage, ‘Islamophobes’, Donald Trump, and Uncle Tom Cobleigh an’ all.

Authoritarianism to shout down the truth about the ‘climate crisis’; to defend rape gangs and open borders; to spread anti-white racism, gender nonsense, and to wage war on farming . . . all of which is designed to result in societal breakdown.

At which point the global elite will step from the shadows and offer to put everything right through total censorship, property seizures, digital ID, climate lockdowns, bans on private transport, and other means.

We shall then have reached the Nirvana promised by the WEF, where we own nothing, are surveilled 24/7 – and yet we’ll be happy!

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The only light relief – or is it gallows humour? – to be found as darkness encroaches is the sight of po-faced socialists believing they’re engaged in a noble, existential struggle to save humanity from itself, when in reality they’re enriching the biggest corporations and the wealthiest individuals on the planet.

Those parasites running the most profitable scam ever devised.

♦ end ♦

© Royston Jones 2025