Ashbrookes Group Limited/ John Street- New Capital Link

Ashbrookes Inspired/Ashbrookes Group Limited (the trading name for Arimco Ltd) first came to our attention in 2022 when we identified a Loan Note (LN) product that Castle Trust & Management Services Ltd were providing Security Trustee services for. This was allegedly distributed exclusively by Intelligent Distribution, the introducing company led by Sonali Craddock and Charles Green. However, it is worth noting that the Intelligent Distribution website is currently offline.

Loan Note Opportunity & Financial Concerns

The Loan Note aimed to raise £3,250,000 for Arimco Ltd. However, the company was wound up in January 2025, with £232,100 in liabilities, of which £119,730 was owed to HMRC. Interestingly, no Loan Note Holders (LNH) appeared on the creditors list, raising serious concerns. Were the funds diverted elsewhere, or did the investment raise fail altogether?

Connections & Key Stakeholders

Mohammed and Sofia Mushtaq have close ties with key figures, including Sonali Craddock and Mark Kidd. Both were seen at Sonali’s extravagant 50th birthday celebration earlier this year, alongside James Baird of New Capital Link, a subject of our current investigations which can be found here and here.

Their business activities primarily focus on property development, student accommodation, and real estate transactions. Following the liquidation of Castle Trust & Management Services (CTMS), Ashbrookes switched to Alpha Trustee Services Ltd, headed by Mark Kidd, for the securitisation of their Loan Notes. Additionally, administration duties have also shifted from Irene MacKenzie to Alexandra Welsh.

Due Diligence & Risk Indicators

A preliminary check into Mohammed’s business practices shows a history of favouring voluntary arrangements. More alarmingly, Arimco Ltd was initially being petitioned to be wound up by HMRC, prior to a hasty voluntary arrangement thus avoiding financial or director scrutiny.  This behaviour is a major red flag. Investors should approach any personal guarantees with extreme caution.

In September 2023, our former client submitted a Loan Note application with Ashbrookes Group Limited and was subsequently directed by James Baird to transfer funds to S2 John Street Ltd. Loan Note Certificates and a Deed of Accession were then issued under S2 John Street Ltd, rather than the initially referenced company.

James Baird’s investment summary email  states:

“SECURITY: A Debenture over Ashbrookes Group Limited and a legal charge over the SPV, S2 John Street Limited. As an extra comfort for investors, initial funds will be held by a solicitor for full transparency and to show the Company’s commitment to completion. Once the purchase is finalized, a first legal charge will be provided to the Security Trustee for investor protection.”

While this statement suggests security and transparency, the findings below raise serious concerns about the legitimacy of these assurances.

Issues with S2 John Street Ltd

• S2 John Street Ltd is balance-sheet insolvent (as of YE 31/12/2023) with no property listed under fixed assets.
• A charge was registered against Ashbrookes Group Limited and S2 John Street Ltd by Alpha Trustee Services Ltd in September and November 2023. These charges reference Land Registry title TY249929 for 60-66 John Street, Sunderland, SR1 1QT—one of Ashbrookes’ regional offices.
• The property was marketed for sale in 2022 at £950,000 (freehold disposal) or available for lease at £140,000 pax, excluding VAT. Mohammed allegedly purchased the property for £650,000 (including VAT), which appears well below its previously listed value.

Ownership & Transparency Concerns

A deeper analysis of 60-66 John Street raises further questions:

• S2 John Street Ltd was the applicant for planning permission to convert the property into student accommodation.
• However, the Ashbrookes website falsely claims that the conversion falls under permitted development rights—negating the need for planning approval.
• Ashbrookes initially stated that planning approval was expected in July 2024. However, as of February 2025, no decision has been made. The latest update indicates that the planning decision has been pushed to March 7, 2025, to allow for amended plan submissions.
• The delay jeopardises the Loan Note exit strategy, leaving investors in limbo.
• The Land Registry still lists Elite Gemstones Properties Ltd as the owner (acquired in July 2014 for £1,588,688). While Ashbrookes claims to have completed the purchase, this remains unverified.
• Security Trustees registered the charge before the purchase was finalized, raising concerns over how secure investors’ funds truly were at the time of the Loan Note offering.

Development Progress & Unanswered Questions

Despite the ownership uncertainty, Ashbrookes has already committed resources to the interior of the property, with their website providing details of progress.

This suggests Ashbrookes is confident in obtaining planning permission—but whether that confidence is justified remains to be seen.

Given these findings, other SPVs under the Ashbrookes Group Limited umbrella warrant further scrutiny.

Final Analysis 

Investors must approach Ashbrookes Group Ltd and its Loan Notes with extreme caution. The inconsistencies in their planning approvals, property ownership records, and financial standing indicate serious risks.

What You Can Do

If you are considering investing in Loan Notes related to Ashbrookes Group Limited or any associated entities, conduct thorough independent due diligence and seek professional financial advice before making any commitments.

If you have concerns or require assistance:

• Report relevant information to the Financial Conduct Authority (FCA) or the Serious Fraud Office (SFO).
• Join investor action groups advocating for victims of financial fraud.
• Consult with legal experts to explore potential recovery options.
• Contact Insolvency & Law for an in-depth risk assessment.

For further assistance, reach out to [email protected].

If a company owes you money and refuses to pay, and you believe the debt is rightfully yours, contact Insolvency & Law at [email protected] to discuss your options.

Final Thoughts

At Insolvency & Law, we believe in uncovering the full truth behind financial misconduct. Potential investors often see only the marketing headlines, but we dig deeper—analysing backgrounds, histories, and hidden affiliations to expose the real risks.If you need us to investigate individuals or companies before making financial commitments, don’t hesitate to reach out. Transparency and investor protection remain our priority.