Silex (UK) PLC
Silex (UK) PLC was yet another high risk, unregulated investment (UCIS) recommended by the likes of Black Star Wealth Management who were finally declared as being in default by the FSCS in January 2020. Often failed discretionary fund management firm Beaufort Securities were also involved in the mix.
Silex S.L. based in Jáen Spain was purported to be the subsidiary of the U.K. company. Their main activity was said to be the refining and bottling of olive oil for which was then sold to large retailers throughout Europe. With the aim of modernising the plant and producing enhanced energy efficiency Silex (UK) PLC decided in 2015 to raise capital by issuing 5-year corporate bonds offering a fixed return of 8%. In doing so, the company proudly declared themselves as one of the first U.K. companies to obtain a bond listing on the Cyprus Stock Exchange.
It all sounded highly plausible and despite heavy losses of close to £2 million in the accounts to December 2016, the director’s report was surprisingly upbeat. It was to be the last set of accounts produced by the company and in September 2019 the business was hit with a winding-up order on the petition of Douglas Rackham, Dan Schwartzman and Russell Downs of accountancy firm Pricewaterhouse Coopers.
If you were given advice to invest in Silex (UK) PLC by Black Star Wealth Management or any FCA regulated firm, Beat the Banks are here to help. To find out more you can call our expert team on 01382 200474, or simply complete our enquiry form on this page and we will be in touch.