From "world domination" to liquidation in next to no time

by DOUG COLLIE

The spectacular financial collapse of Borders-based "cutting edge" venture capitalist group Omega Infinite - reported exclusively in these columns earlier this week - could not be further from the claims being bandied about by the firm's directors as recently as 2017.

Company subsidiaries were said to be pushing back the boundaries of agricultural and fuel production by developing so-called 'disruptive technologies'.

But as hundreds of shareholders trusted Omega (formerly known as Avocet Infinite) with £17 million of their money the group was racking up multi-million pound losses while the directors were doubling their annual remunerations.

The annual accounts for 2018 should have been submitted to Companies House by December 24th 2019. But the deadline was not met and in fact the data had still not been posted when the Secretary of State sent in joint liquidators on April 28th.

Omega Infinite's plans to revolutionise food and fuel output have been well documented by the Parliamentary Review which handed Avocet (as the Review continued to call them) free plugs on at least six occasions, the last one at the beginning of April.

Directors Martin Frost and Dr Bob Jennings were given adequate space to promote their "world-wide natural capital company" as they described it in the last published accounts for 2017.

The strategic report for that year told shareholders: "Avocet provides technologies that work more efficiently with the planet's energy, water and food. The Avocet Group aims to have a global presence with activities in North America, Europe, the Middle East, the Far East and Africa."

It was also claimed in the document that Coller IP, an independent consultancy that values intellectual property placed a rising value of £60 million on Avocet's natural capital intellectual property.

At the time the business was decidedly small scale, based on two Berwickshire farms with a herd of Piedmontese cattle which were to be housed in 'cow palaces'.

Here's what investors read in the 2017 accounts: "Avocet Infinite is evolving into a holding company where its main activity will be a generator and owner of intellectual property which wil be marketed and sold throughout the world via a sophisticated and self-financing franchise network".

The business review for that year reported capital assets of £18.8 million (£18.3 million in 2016). The loss after tax was recorded as £5.322 million (£2 million) while the Group operating loss was £4.784 million (£1.841 million).

Principal risks to the business included these two passages: "Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with financial liabilities" and "Brexit risk - To address Brexit challenges Avocet has established an offspring company based in Cork. Avocet Bio Solutions is now a recognised EU force with Avocet becoming a foundation member of the Irish and EU Bioeconomy Campus at Lisheen, Tipperary".

Despite a 100% increase in losses directors' remuneration more than doubled from £250,000 in 2016 to £540,000 in 2017. The highest paid director received remuneration of £270,000.