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Published 1872 days ago
I last published an update about Wellesley Finance Plc on 7 January 2020 discussing the dire results for the year ended 31 December 2018. The results of the Wellesley Group Investors Limited, the ultimate parent, for the year ended 31 December 2018 are now 4 and half months overdue so we cant evaluate how the whole group is performing. But there are yet more red flags now fluttering. the only thing we cannot say is when the car crash will happen.
Published 1793 days ago
This has all the hallmarks of another mini bond scandal which the FCA has failed to deal with, so allowing more and more folks to lose their hard earned...Last time I looked at Wellesley it was in the context of its parent Wellesley Group Investors Limited making an offer to buy Urban Exposure Plc. I called that out as spoof bid and nothing more has been heard from Wellesley in the last two weeks.
Published 2241 days ago
Wellesley Finance is another minibond lender provider and also a peer to peer lender. It shares
some features in common with London and Capital Finance Plc (in administration) and Blackmore
Bonds Plc ( as we showed HERE technically insolvent). It offers attractive headline rates of return better than the banks albeit lower than London and Capital and Blackmore. The directors report for Wellesley Group for
2017 shows that it had borrowed at an average rate of 4.17% in the year. The latest interest rate
offer is up to 7% per annum
Published 1809 days ago
Today we are told that Wellesley Group Investors Limited has made a proposal to acquire the assets of Urban Exposure (UEX). This is a spoof and the spike in Urban’s share price cannot be justified if you do any digging at all
Published 1701 days ago
It is 92 days since I last wrote about Wellesley Finance Plc. So, I have looked at recent developments at the mini bond disaster waiting to happen where the FCA is, as ever, asleep at the wheel.
Published 1655 days ago
I have been warning about Wellesley Finance Plc since Sunday 17 February 2019. It was the third in a series of articles I wrote about mini-bond lenders in early 2019, starting with London and Capital Finance Plc, then Blackmore Bond Plc, and finally Bassett & Gold Plc with the other three now all in administration with substantial losses of investors capital. Now it’s 4 from 4 – ouzo at the Sheriff of mini-bonds towers! And, again, the FCA has fecked it up when it comes to ignoring clear warnings and its basic job of protecting investors.
Published 1917 days ago
Well you have been warned repeatedly by myself for almost a year as was the FCA which, natch, did nothing. Wellesley Finance has finally filed its 6 months overdue accounts for the year ended 31 December 2018 at Companies House and they are truly dire. The net loss before tax is £10,249,314 and a deficit on shareholders’ equity was £9,202,737. The auditors, unsurprisingly, cite a material uncertainty on going concern. Worrying times for the mini bond lenders who have lent £99,540,212 to Wellesley Finance Plc. A further £64 million in Peer to Peer assets is held off the balance sheet.
Published 1971 days ago
I have warned before that Wellesley Finance was yet another mini bond provider to avoid like the plague. Now another red flag emerges....
Published 1809 days ago
In early 2019, I wrote a series of articles highlighting significant concerns over four mini bond lenders. As the table below shows, as of this week 3 of the 4 are now in administration. Predictably, Blackmore Bond has bitten the dust. That makes c£320 million ponied up by, generally vulnerable, savers seeking low risk investments up in smoke. So what is the useless FCA doing to ensure there are no more blowups. this will horrify you.
Published 1527 days ago
I start with ShareSoc backing an investor action group at bust mini-bond outfit Wellesley. I warned folks explicitly about this almost two years ago HERE and many times thereafter so have scant sympathy. I discuss the role of the floor shitters at the FCA in this debacle. That brings me to Supply@ME Capital (SYME) after today’s dynamite expose HERE. The email is genuine. I ask what next? Finally, I discuss comments by populists seeking cheap love, such as shamed Neil Woodford promoter Jeff PressTrip of the Mail on Sunday and Nigel Farage, about GameStop. Do they both really support bubbles and capital misallocation?
Published 1483 days ago
The pattern has always been the same. We issued explicit warnings about London & Capital Finance,, Blackmore Bond, Bassett and Gold, Buy 2 Let Cars, The High Street Group and Wellesley Finance. Companies such as my beloved West Ham United screwed over their fans and continued to support these rogues. The FCA was too busy publishing papers on the gender pay gap, Brexit, climate change or LGBT awareness to do anything until tens of millions of pounds had been lost. But heck it is was only the great unwashed who suffered.
Published 2056 days ago
In early 2019, I wrote a series of articles on what has become a widely known minibond scandal. On 6 January 2019, I flagged up a swathe of red flags at London and Capital Finance Plc (“LCF”) (now in administration). On 3 February 2019, I asked whether Blackmore Bond Plc was another minibond disaster in the making? Well it looks increasingly like that was yet another incredibly prescient call, the latest warnings signs are:
Published 1917 days ago
In today's podcast I look at mini-bond scandal house Wellesley Finance and why it once again shames new Bank of England Governor Andrew "asleep at the wheel" bailey and the shitheads round at the FCA. I comment on another of its failings in light of today's Neil Woodford News. I comment on Big Dish (DISH), have a theory about Angloa African Oil & Gas (AAOG), comment on Optibiotix (OPTI), Versarien (VRS) and ask how long its Nomad will tolerate Neill Ricketts and finally on Aston Martin Lagonda (AML).
Published 1394 days ago
I first wrote about the High Street Group 426 days ago. It was the sixth mini bond scheme I had written about. Of the first five, four being London and Capital Finance, Blackmore Bond, Bassett & Gold and Buy 2 Let Cars and all in administration and in the case of London and Capital Finance and Buy 2 Let Cars, the Serious Fraud Office are investigating the Directors. Wellesley Finance managed to pull off a Creditors Voluntary Arrangement and persuade investors to take a significant haircut in order to let the group restructure and avoid administration.
Published 3790 days ago
Africa-focused explorer Alecto Minerals (ALO) has bought another gold project in Burkina Faso, to add to its interests in Mali, Mauritania and Ethiopia. The London-based company, which recently appointed as chairman City veteran Mark Wellesley-Wood, who once sought to revive Cornish tin mining, is acquiring the Kerboule gold project in the West African country’s Djibo gold belt, near fellow AIM counter Avocet Mining’s Inata gold mine, in a deal which chief executive officer Mark Jones suggests ‘is capable of delivering significant returns.’
Published 1520 days ago
The most read non-Tom article this week is How likely is it that a proper silver short squeeze will happen? by Gary Newman at number seven, or number 15 including Bearcasts and Tom’s new shareshow. Which one is the best of the week? Tell me in the comments.
Published 1820 days ago
Previously I have warned extensively about London & Capital Finance (now in administration), Blackmore Bond Plc (now in default on interest payments), Wellesley Finance Plc (material uncertainty over going concern) and Bassett and Gold Plc (now in administration). Today, following a reader’s prompt, I publish a major report on another massive mini bond scandal in the making.
Published 1912 days ago
Oh dear, ShareProphets has exposed Versarien rampers getting all excited in private chatrooms. I suspect that this is going to be something we get to mine for quite awhile until the deadwood press catches on.
Published 1192 days ago
I first wrote about the High Street Grp on 13 April 2020 warning that it was a façade of a group which would ultimately crash into administration. Although it hasn’t been officially recorded at Companies House yet we now know from the announcement by SKSi High Street GRP Limited in Administration SKSi which are licensed insolvency practitioners that finally the parent of the High Street Group was placed into administration on 16 December 2021. This now means that all 6 of the mini bond disasters predicted on this website have ended with a crash landing in tits up alley. This also means six more fails for the FCA which did nowt on all 6 until it was too late.
Published 3630 days ago
Africa-focused AIM dog Alecto Minerals (ALO) says new estimates of resources at its Kerboule gold project in Burkina Faso could add 230,758 oz. to the company’s existing inferred resource estimate of 247,000 oz. at Kossanto in East Mali for a combined low-grade resource of 477,748 oz. The new estimates, by independent consultant Wardell Armstrong but not yet fully compliant with the formal Joint Ore Reserve Committee (JORC) industry code, suggest Kerboule’s gold occurs at 1.16 grammes of gold per tonne of ore, compared with Kossanto’s 1.14 grammes a tonne, though it notes that Kerboule’s mineralisation starts at the surface, with 70% inside the relatively accessible oxide and transitional layers.
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