Tag: Consumer Energy Solutions Ltd

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.

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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

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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© Royston Jones 2025