Blogs

Latest Blogs

Albion Capital Group LLP Partners’ 67% pay increase

Albion Capital Group LLP have recently disclosed their average pay per Partner for year end 31 March 2019 was £803,000, a whopping 67% increase on the previous year (£480,000). This shows what a wonderful business fund management can be, in particular managing VCTs. ShareSoc is currently running a campaign about the egregious investment manager fees at Albion Venture Capital (AAVC) (which is one of the funds managed by Albion Capital Group LLP). ShareSoc is seeking the directors to agree a better deal ...

Winning The Loser’s Game – It’s Like Tennis

It’s that time of year when we review our investment performance over the last year and some of us realise that it would have been lot better if it was not for the few disasters in our share holdings. For example, this is what well known investor and ShareSoc director David Stredder tweeted before Xmas: “End of 2018 and most of this year has been pretty awful investing wise for me...ACSO, CRAW, BUR, SOM, OPM & JLH were all top 15 ...

Brydon Audit Review and FRC Update

Readers probably don’t need to be reminded of the poor reputation of auditors and accountants. The announcement yesterday from Staffline Group (STAF) reiterates the point. They note the latest analysis indicates that 2018 profits were overstated by about £4 million. The CFO, Mike Watts, has left with immediate effect. Sir Donald Brydon has published his review of the audit market and makes recommendations for significant changes. This is what he says in a preface: “The quality and effectiveness of audit has become an ...

Serco Charges, Unilever Trading and DotDigital AGM

I like to report on the latest evidence of fraudulent accounting just to remind folks how little one can trust the accounts of companies. I have not mentioned Serco (SRP) previously but it is now reported that two executives of the company have been charged with fraud and false accounting by the Serious Fraud Office (SFO). The charges related to false reporting of tagging of offenders to the Ministry of Justice and the company has previously entered into a deferred prosecution agreement ...

Northern VCTs and Mercia

The 3 Northern VCTs (Northern Venture Trust, Northern 2 VCT and Northern 3 VCT) are proposing to novate their management agreements with NVM Private Equity LLP in favour of Mercia Asset Management. I looked at the NVM Private Equity LLP accounts and they show turnover of £12.5 million whereas the Mercia RNS says the bit they are buying has £7.5 million turnover (and £270 million AUM), but there is no explanation of the difference in the RNS. However, a little hunting on the ...