There is evidence in the Panama Papers that the UK’s largest PFI Contractor, Innisfree who own 2 schools in Kent, Ebbsfleet Academy (formerly Swan Valley Secondary School) and Craylands Primary School are owned by Newschools (swanscombe) Ltd owned by Innisfree Group Limited who in turn have a 72.2% shareholding by Coutts & Co Trustees (Jersey) according to companycheck.co.uk and companies house. Mr David Metter’s CEO of has/had a 72.22% shareholding in Innisfree according to their accounts at page 6.
Coutts & Co Trustees (Jersey) have been mentioned in the Panama Papers as having set up 465 offshore companies directly linked to Mossack Fonseca, the law firm at the centre of the leak. That does not mean they have done anything wrong.
But in the current political climate it raises legitimate questions about why they have done so, what benefit they were hoping for, and whether they will continue to use such vehicles in light of our disclosures.
The Panama Papers demonstrate that all the shenanigans contained therein, do happen locally and more specifically that Innisfree are linked to Coutts, mentioned in the Panama Papers and Innisfree are linked to the 2 schools in Kent, mentioned above.
There is nothing to suggest that any of those named above or below sheltered, or sought to shelter, money or assets offshore to avoid tax or for any unlawful purpose.
Founded in 1995, Innisfree Limited is a UK based fund management company. It is authorised and regulated by the Financial Conduct Authority.
Innisfree has 28 employees involved in deal and asset management, finance and fund administration, and fundraising and investor relations.
Innisfree Limited does not itself invest in projects. This is done directly by the Innisfree funds which are all UK based limited partnerships.
See Innisfree Education Portfolio and scroll to the bottom where you will find Swanscombe now Ebbsfleet Academy.
According to Innisfree Accounts they paid no corporation tax in the UK in 2014 or 2015 see page 16 of their accounts.
KCC PAYMENTS TO INNISFREE
Ebbsfleet Academy cost £14 Million to build, which ends up costing the Kent Tax Payer thirty five million three hundred and forty six thousand pounds (£35,346,000) that is a 152% profit margin
KCC’s statement-of-accounts-2014-15 at page 58 support these figures above
Who owns the the other 9 PFI Schools In Kent?
Kent PFI Company 1 Ltd provided 3 new secondary schools in Gravesend – St John’s Catholic School, Thamesview School and Northfleet Technology College appear to be ultimately owned by Orangetone Ltd based at 2 London Bridge, London, SE1 9RA, where KENT PFI Company 1 Ltd is also based along with 201 other related companies
Kent Education Partnership Ltd Hugh Christie Technology College, Holmesdale Technology College, The North School, Ellington School for Girls, The Malling School and Aylesford School – Sports College. These schools are 50% owned by Bbgi Investments S.c.a. whose Registered Address is Aerogolf Centre, Heienhaff 1a, L-1736 Senningerberg, Grand Duchy of Luxembourg (Offshore tax haven) according to companies house and companycheck
The other 50% is owned by Infrared Capital Partners (Management) LLP registered at 12 Charles Ii Street, London, SW1Y 4Q . For readers of Private Eye see Issue 1340 pg 19-24 to see what they say about LLP’s
So as far as we can identify, over half the schools mentioned and 2 specifically are owned by companies registered in offshore jurisdictions. That’s where Kent Tax payers money will end up, in the hands of companies who are linked to Coutts & Co Trustees (Jersey) named in the Panama Papers and many of whom are not and we will probably never discover who the rest are, well not until the next offshore data leak.