The £58bn company that doesn't exist
Avis Capital Limited is one of the largest companies in the UK. It says it was spun out from Avis (the car hire company), is FCA-regulated and has £58bn of net assets. It promises investors a 31% return. But all of this is a lie.
Avis Capital's accounts are a work of fiction. It's completely unregulated, and the financial products it sells appear to be fraudulent. It has no connection to the real Avis group. All of this has been facilitated by Companies House accepting filings and accounts which are false on their face, and by accounting firms who failed to notice obvious signs of fraud.
Companies House's failure to identify and act on this is a scandal. It could be taking simple steps to stop UK company law being used and abused by criminals. But it isn’t.
I’ve been a bit quiet for the last couple of months - taking a break, and then distracted by a couple of large projects. But regular reports should now start to resume for 2025.
As ever, if you have any comments, do drop me a line - replies to this email go straight to my inbox.
Dan
Thank you, Dan. Keep posting. Keep investigating.
Heads up, report link leads to a 404 page.