Raedex Consortium Limited — Buy2LetCars, Rent2OwnCars, Wheels4Sure
Raedex Consortium Limited (FRN 668924) was an FCA-authorised firm that operated a car leasing investment model through several consumer-facing brands: Buy2LetCars, Rent2OwnCars, PayGoCars and Wheels4Sure. Investors were invited to purchase cars that were then leased to consumers, with Raedex managing the leases and paying investors regular returns. The model attracted thousands of ordinary investors who believed they were participating in a straightforward and regulated investment.
In February 2021, the FCA imposed restrictions on Raedex, stopping it from entering into any new car leases and raising serious questions about the firm’s finances. The restrictions also stopped Raedex from onboarding new customers, though existing lease arrangements were initially allowed to continue. Raedex and Buy2LetCars subsequently entered administration.
The Serious Fraud Office opened a criminal investigation into Raedex Consortium’s activities, covering the period from 2012 to 2021. In January 2024, the SFO charged two directors, Mr Larry-Cole and Mr Martin, with three counts of fraud each in connection with the scheme. The FSCS declared Raedex in default on 30 April 2024, confirming the firm cannot meet valid claims and that the FSCS can now pay compensation to eligible investors.
Issues / Why You May Have a Claim
Many people who invested through Buy2LetCars or the other Raedex brands were not fully informed of the risks they were taking. Some investors were advised by FCA-regulated financial advisers to put money into Raedex’s schemes. Where that advice was unsuitable, or where the arrangement was not properly explained, those investors may have a claim not only against Raedex through the FSCS but also against the adviser who recommended it.
Company background (public record)
The company was incorporated at Companies House on 15 February 2012 under company number 07951186. Its status at Companies House is recorded as liquidation.
Registered office: 25 Farringdon Street, London, EC4A 4AB.
Nature of business (SIC): 64209, 70100.
Company timeline (public record)
Key dated events for this firm, drawn from public records. Each entry shows its source.
| Date | Event | Source |
|---|---|---|
| 15 Feb 2012 | Company incorporated | Companies House |
| 15 Feb 2012 | Stalina Elba appointed director | Companies House |
| 28 Oct 2013 | Reginald Larry-cole appointed director | Companies House |
| 28 Oct 2013 | Scott Andrew Martin appointed director | Companies House |
| 17 Mar 2014 | Stalina Elba resigned as director | Companies House |
| 29 Jan 2016 | Reginald Larry-Cole approved by the FCA at the firm | FCA Register |
| 29 Jan 2016 | FCA status recorded as: Authorised | FCA Register |
| 15 Mar 2021 | Company entered administration (in administration) | Companies House |
| 15 Mar 2021 | FSCS update: FSCS is not currently accepting claims against Raedex | FSCS |
| 03 Aug 2021 | FSCS update: We continue to investigate whether there are valid claims against Raedex | FSCS |
| 11 Nov 2021 | FSCS update: On 9 April 2021, the SFO announced that it is investigating suspected fraud in relation to the activities of the Raedex … | FSCS |
| 22 Jun 2022 | FSCS update: Our investigation into whether FSCS protection may exist for customers of Raedex is ongoing | FSCS |
| 11 Nov 2022 | FSCS update: The FSCS investigation into the failure of Raedex remains ongoing | FSCS |
| 07 Mar 2023 | FSCS update: FSCS’ investigation into the failure of Raedex remains ongoing | FSCS |
| 31 May 2024 | FSCS update: FSCS is now open to claims against Raedex Consortium Ltd (Raedex) involving investments in the Raedex investment scheme … | FSCS |
| 07 Feb 2025 | FSCS update: Since our last update on 31 May 2024, the Financial Ombudsman Service ( FOS ) has begun issuing decisions upholding cust… | FSCS |
| 21 Mar 2025 | Company administration ended (in administration) | Companies House |
| 21 Mar 2025 | Company wound up (creditors’ voluntary liquidation) | Companies House |
| 21 Mar 2025 | Insolvency practitioner appointed: Matthew Robert Haw | Companies House |
| 21 Mar 2025 | Insolvency practitioner appointed: Graham Paul Bushby | Companies House |
| 30 Apr 2025 | Declared in default by the FSCS | FSCS |
| 30 Apr 2025 | FSCS update: Further to our last update dated 7th February 2025 below, we expect to start issuing decisions on individual customer cl… | FSCS |
Who was involved?
The following individuals are listed on public records in connection with the firm. These are matters of public record only and their inclusion does not imply any wrongdoing by any named person.
- Reginald Larry-Cole. Listed on the FCA Register as having held SMF29 Limited scope function (limited scope SMCR firms only) (from 09/12/2019), CF8 Apportionment and Oversight (29/01/2016 to 08/12/2019) at the firm.
- Reginald Larry-Cole. Listed on the FCA Register as having held SMF29 Limited scope function (limited scope SMCR firms only) (from 09/12/2019), CF8 Apportionment and Oversight (29/01/2016 to 08/12/2019) at the firm.
- Scott Andrew Martin. Listed at Companies House as director (appointed 2013-10-28).
- Stalina Elba. Listed at Companies House as director (appointed 2012-02-15, resigned 2014-03-17).
Review page sources: FCA Register (FRN 668924) · Companies House (07951186) · FSCS. Public records, provided for transparency.
