Armstrong Infrastructure & Armstrong Bridging International-Warning Signs for Loan Note Holders

Late accounts, financial red flags, and a disappearing online footprint are raising serious concerns among loan note holders.

Insolvency & Law has recently been contacted by an investor with funds tied up in two companies: Armstrong Infrastructure & Property Finance Limited (AIPF) and Armstrong Bridging International Limited (ABI).

These loan notes are now significantly overdue. Redemption dates have passed, and the companies have not returned the capital owed. While both have indicated they are working on repayment strategies, recent developments suggest mounting financial pressure, and potentially, formal insolvency.

Red Flags:

1. Financial Position

Let’s look at what’s in the public domain:

• Armstrong Infrastructure & Property Finance Limited
  No accounts have been filed for the year ending 2023. The most recent submitted figures show a balance sheet with just £7, raising immediate concerns about solvency and repayment capacity.
• Armstrong Bridging International Limited
  In accounts filed in March 2025 for the year ending 30 June 2024, directors state:

“The company cannot meet its liabilities as they fall due and is working with its creditors to manage the position.”

Based on these filings, the company is balance sheet insolvent by over £20 million.

This language closely reflects the definition of cash flow insolvency under Section 123(1)(e) of the Insolvency Act 1986, which applies when a company is “unable to pay its debts as they fall due.”

What the Broker Said

In recent communications with the loan note holder, Progressive Chartered Financial Planners, the broker involved in the promotion of these products, stated:

“There is little value within the company to return the ABI loan note,”
and
“Concerns exist regarding the company’s ability to redeem loans and return capital.”

These acknowledgements suggest that even those closest to the product now recognise the seriousness of the situation.

2. The Security Trustee

In any loan note investment, the Security Trustee plays a crucial role. This is the party expected to safeguard the interests of loan note holders in the event of a default. In the case of Armstrong Infrastructure and Armstrong Bridging, that responsibility reportedly falls to Loan Note Debentures Ltd.

However, several warning signs are apparent:

• Loan Note Debentures Ltd files micro-entity accounts, offering very limited insight into its operations or financial standing
• The company has no visible online presence and appears not to engage publicly with loan note holders
• It is not listed as regulated under the Financial Services and Markets Act 2000 (FSMA)

These facts raise legitimate concerns. A Security Trustee is often presented as a safeguard, but if the company offering that protection is unregulated and opaque, loan note holders may find themselves without meaningful recourse in the event of a default.

3. The Disappearing Web Presence

A company’s online presence can provide useful context for investors,especially when it changes without explanation.

Previously, the domain www.armstrongcapital.co.uk served as the website for Armstrong Capital Management. Earlier this year, it began redirecting visitors to www.rivingtonenergy.co.uk, indicating a potential rebranding, redirection, or corporate restructuring.

However, as of today, www.armstrongcapital.co.uk is no longer registered. The disappearance of this digital footprint is notable, given the company’s involvement in raising funds from retail investors via unregulated loan note instruments.

While the reasons behind these changes are unclear, the absence of a live website may make it more difficult for stakeholders to access updates, contact details, or company information, particularly at a time when many loan note holders are seeking answers.

4. A Director’s Vanishing History?

The link between Armstrong Capital and Rivington Energy becomes more intriguing when we look at the role of Andrew Newman, a qualified chartered accountant. Newman is the current Director and joint shareholder of both Armstrong Infrastructure & Property Finance Limited and Armstrong Bridging International Limited, alongside Stephen Mahon and Robin Chamberlayne.

He now appears as a Director of Rivington Energy Limited, alongside Michael Hughes. The company’s shareholding structure lists multiple entities, ultimately ending with a USA-based parent company.

On the current Rivington Energy website, Newman is described as:

“Executive Director at Rivington Energy and leads the Innovation & Growth team… Andrew has over twenty years’ experience in the energy sector… Andrew worked in Deloitte’s project finance team… [and] at Triodos Bank… Andrew has a first-class degree from Oxford University.”

Notably, this professional biography makes no reference to Armstrong Capital, despite Newman being listed as a co-founder and Head of Development on Armstrong’s own (now-defunct) website.

In an archived version of the Armstrong Capital website, his biography stated:

“Andrew is Head of Development and a co-founder of Armstrong… Andrew is focused on Armstrong’s international operations but provides his expertise to the UK operations as required.”

The wording used to describe his experience at Deloitte and Triodos Bank is nearly identical in both bios, and the photograph is the same, clearly identifying him as the same individual.

This raises a reasonable question: Why does Andrew Newman’s current biography omit any mention of Armstrong Capital?

Given that Armstrong’s loan note holders now face significant liquidity concerns and possible insolvency of the issuing companies, this omission may be considered noteworthy by stakeholders seeking transparency.

5. Ambiguous FCA Regulation: A Potential Source of Confusion

In an archived version of Armstrong Capital’s website (from early 2025), a prominent statement read:

“Armstrong Energy Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the UK. Armstrong is the trading name of Armstrong Energy Limited and Armstrong Capital Management Limited.”

This appears to link the group brand “Armstrong” with FCA-regulated firms. And indeed, Armstrong Energy Limited is listed on the FCA register,but its authorisation ceased in 2015. Similarly, Armstrong Capital Management Limited also had authorisation, but that ceased in November 2024.

Meanwhile, Andrew Newman, listed as a director of both Armstrong Infrastructure & Property Finance Limited and Armstrong Bridging International Limited, is currently approved by the FCA or Prudential Regulation Authority to perform specific roles at a regulated firm.

So, what does this mean for loan note holders?

The loan notes in Armstrong Infrastructure and Armstrong Bridging do not fall under FCA protection, because these companies are not authorised firms, nor are they listed on the FCA register. And while other companies trading under the Armstrong name were once regulated, that status doesn’t extend to these particular investment products.

For investors without detailed regulatory knowledge, this setup may have caused confusion. Using regulated company names on the same site as unregulated loan note offerings may have given investors the impression that the entire group or product was FCA-authorised.

This highlights the importance of clear, accurate presentation of regulatory status, particularly when offering products to retail investors. It also reinforces a key message: investors should always check the specific company name listed on the FCA register, not just the trading brand, before making decisions.

Summary of Key Concerns

• Redemption delays: Loan note repayments remain outstanding beyond their scheduled dates
• Acknowledged liquidity problems: The issuer and broker have confirmed concerns about the company’s ability to meet its obligations
• Insolvency risk indicators: Recent financial disclosures suggest potential breaches of insolvency thresholds under the Insolvency Act 1986
• Lack of transparency from the Security Trustee: There is limited public or regulatory information available about the Security Trustee’s identity, structure, or oversight role

Have You Been Affected?

If you have funds in any loan note products promoted by Armstrong-branded companies

Contact investigations@insolvencyandlaw.co.uk for support or to share your experience confidentially.

Disclaimer:
Logos used in this post are for identification and commentary purposes only. Insolvency & Law Ltd is not affiliated with, endorsed by, or acting on behalf of any company named. Use is permitted under fair dealing provisions for reporting, criticism, and matters of public interest.

Disclaimer: Insolvency & Law Ltd is not a firm of solicitors or licensed insolvency practitioners and does not provide legal advice, investment advice, or any regulated services under the Legal Services Act 2007 or the Financial Services and Markets Act 2000. All content published by I&L relating to Armstrong Capital related companies, including blogs and podcasts, is provided free of charge for general information and educational purposes only and must not be relied upon as professional advice.

Where appropriate, I&L may take legal assignment of loan notes issued by Armstrong Capital related companies in its own name, for the purpose of enforcement and recovery. In such cases, I&L bears all associated costs and risks, and the original loan note holder is fully insulated from legal expense and liability.