Monday 8th November 2021, 6pm – 9.30pm

Programme for the evening
6:00 pm Mello Welcome and News
6.05 pm Company presentation by Sosandar
6.45 pm Book reviews with Paul Smiddy and Roger Lawson
6.55 pm Company presentation by SulNOx Group
7.25 pm David Stredder interviews Chris Boxall from Investors Champion and Fundamental Asset Management
7.55 pm Company presentation by The Property Franchise Group
8.25 pm David interviews best selling author Hilary Robinson (esteemed wife of Castleford Tiger) 
8.40 pm Mello BASH with Chris Boxall, Kevin Taylor, Andrew Robinson covering Smiths News, Gamma Communication, Hargreaves Services

Company Presentation – SulNOx Group plc 

SulNOx Group Plc – Taking You Further, Faster and Cleaner.  The Greentech company providing next generation, natural solutions, for immediate progression towards carbon neutrality.

SulNOx Group Plc specialises in providing responsible solutions towards decarbonisation of liquid hydrocarbon fuels. Our patented fuel additives are unique and made only from sustainable, biodegradable ingredients; reducing the production of harmful, environmentally damaging greenhouse gas emissions such as NOx (>30%), whilst also reducing deadly Particulate Matter (PMs), including soot and smoke (PM2.5 ↓60+% and PM10 ↓50+%).

How it Works

The amount of each “emission” depends on the quality of combustion. When too little oxygen is available, this results in an inefficient burn and produces more CO and C (PMs). Using SulNOx fuel additives when filling up, increases the amount of oxygen available to the fuel – promoting cleaner combustion and optimal energy output, meaning reduced fuel consumption (typically between 8% and 10%).

Simple to use and immediately effective, SulNOx Group Plc currently has successful products in the global marketplace including our SulNOxEco™ Diesel and Petrol Fuel Conditioners which enhance all diesel, petrol, and biofuels by improving the burn profile; thereby reducing emissions whilst saving users money.

What sets SulNOx apart

Traditional fuel additives are fossil fuel based, often formulated from waste refinery products such as naphthalene or xylene. They work in the same way as adding lighter fluid to a fire to make the combustion of fuel burn harder and brighter and simply adding fossil fuels to the problem of fossil fuels. This is neither a solution for decarbonisation nor reducing the harmful impact that fossil fuel combustion is having on health and the environment; it simply masks the real problem of poorly combusted fuel by adding cetane points which are not a green credential.

SulNOx Group Plc has partnered with EcoVadis Gold rated Nouryon BV to produce our Greentech products. SulNOxEco™ Fuel Conditioners are verified by Bureau Veritas to be compatible with all diesel and gasoline type fuels (including EN590, EN16709 Biofuels (B20, B30), EN228 gasoline (E5 and E10)) and are certified to comply with, and not alter, the specification of any of these fuel types. SulNOxEco™ Fuel Conditioner is the only fuel additive that will not void your engine warranty as it remains fully compliant to recommended engine manufacturer standards.

Industries currently benefiting from using our products include transport (haulage, buses, coaches, taxis, van fleets etc.), shipping, oil companies, fuel storage and distribution, waste/reclamation, mining, generators, agriculture, and construction.

SulNOx Group Plc is a UK Public Limited Company, formed in 2012, trading on the pan-European Apex segment of the AQSE (Aquis Stock Exchange) growth market.  For more information please contact us through our website at or email

Ben Richardson, CEO

SulNOx Chief Executive Officer since May 2021.  A former Chief Operating Officer and Chief Commercial Officer with 25+ years industry experience including ~16 years at Deutsche Bank in various senior positions.  Wide ranging experience gained from roles in a variety of global locations including USA, the Netherlands and Australia, specialising in sales/business development, risk management, governance and strategic transformations.

A proven track record of leading and delivering multi-disciplined programmes, with complex and evolving inter-dependencies, to create lasting successful and business focused solutions.

Previous roles include:

  • Chief Commercial Officer – Delta Capita
  • Group Chief Operating Officer – Delta Capita
  • COO to Chief Risk Officer, Deutsche Bank
  • Head of Process and Portfolio Optimisation, Risk, Deutsche Bank
  • Head QA front office controls and conduct, Deutsche Bank

The Sulnox management team have answered the questions asked during the webinar here:

I’m old enough to remember RedX,  What is the difference in principle, and also chemically?

RedX is a fossil fuel based product:

it contains solvents, napthalene and other corrosive and harmful chemicals. It works like adding ligter fuel to a fire. Just makes things burn harder and brighter. We make things burn cleaner and more complete by adding oxygen and producing less greenhouse gas. So a very different mechanism of action


How does this compare to the products of Quadrise (QFI) ?

Quadrise are still trying to emulsify fractions of waste heavy fuel like bitumen and tars and emulsifying it with water into something that is more like traditional HFO and then selling that as a fuel product. So basically, heavy fuel and water emulsification. There are so many objections to putting water in engines. Engineers just say no way. We don’t add water so we dont receive these objections like Quadrise have. That’s why the quadrise shareprice is now 3 pence. –     That’s why we’ll be successful and usable, rather than objectionable like Quadrise.


You mention mostly diesel, did I hear the product can also be used with pertrol?

Yes, petrol and diesel products both work well with SulNOx EcoConditioner. Petrol is used in a 1:1000 ratio, diesel in a 1:2000 ratio. SulNOx also works with a range ot other light hydrocarbon fossil fuel such as HVO, marine gas oil and marine diesel oil, biofuels and even VLSFO


Re SULNOX. A lot of the issues around the use of diesel as a transport fuel are around emissions of Nox and particulate matter. Does Sulnox have any effect on these?

Yes we reduce NOx and PM significantly, in generator tests, NOx by 30% and PM up to 60%. 


How to invest?

There are now many brokers / investor platforms offering the AQSE stocks


In terms of competition, what is there stopping the likes of Shell of changing their formulation of their standard diesel and petrol to compete with your product?

Quite simply a worldwide patent protects companies from copying our unique formula. Also, our product is manufactured by Nouryon, so any infringement would bring that to Nouryon’s attention as well in a potential lawsuit.


Are there competitive products?

There are plenty of fuel additives out there, but most are fossil fuel based and work like adding lighter fuel to a fire. We don’t do that. Although we are a “fuel additive” we are unique in that we are completely biodegradable and green, so in that sense, we have no direct competition.


What is the scale of your current supplier, and in what timescale can production be ramped up?

Nouryon is a global company with production facilities all over the world. Production can be ramped up quickly, and efficiently to meet even the highest of demands.


Which institutions are shareholders of SulNOx ?

live answered


Why haven’t BP or similar not just bought you – It seems a no brainer for them ?

Well we have only been commercialising this product for the last 6 months, gathering trial and lab data and producing literature. So we are still very new and just gaining traction. Maybe we will be gobbled up by BP or someone in the future. But not until we have penetrated several industries and markets. We have a very tight network of shareholders who, given the size of the market opportunity here, would not sell out easily and defend the company. Plus we don’t want a product of such environmental significance to be owned by just one company but should be more widely available. 


What is the price range per liter, from large commercial users down to individuals filling up their VW Golf?

we sell an IBC (so 1000L) for £10.80 per litre direct. However, for a 250mL bottle RRP is £27.99. So we discount big for bulk


Do I understand that you do not have patents yet for the shipping slops which I cousl underatand is potentially a huge market.  By what date do you expect to acieve that/those patents?

The patent is being filed as we speak!


Hi, I would think that there are numerous competitors out in the market place – what differentiates you from all of the other competitors

We are NON fossile fuel based. So many competitors are fossil fuel based and work like adding lighter fuel to a fire. We make fuel burn smarter and cleaner releasing more energy. So we can be viewed as truly sustainable and green rather than adding fossil fuels to the problem of fossil fuels which is the issue so many “competitors” face


Hilary Robinson will be telling us about the changing face of the bookselling market place 

Hilary Robinson is an independent producer for BBC Radio 2 and the award winning author of over 70 books for children.  
In 2011, after 20 years with the BBC’s Religion and Ethics department she set up her own production company Strauss House Productions, primarily to produce radio programmes.  
To mark the centenary of the start of World War 1, in 2014 and finding that several of her publishers felt the subject was too difficult for young children, she published Where The Poppies Now Grow.  This week the book became an Amazon bestseller.  
She will be telling us about the changing face of the bookselling market place, the value of selling international rights and the cultural considerations that need to be made, and how social media has given a direct voice to creators 
She is currently producing a three part series for network radio, presented by Barry Humphries, to mark the centenary of the BBC.

Company Presentation – Sosandar PLC

Sosandar is an online womenswear brand, specifically targeted at a generation of women who have graduated from throwaway fashion and are looking for quality, affordable clothing with a premium, trend-led aesthetic. This is a section of the market that is currently being underserved.

Sosandar was launched in September 2016. The Sosandar business model is built around using trend-led, exclusive designs produced in-house and then manufactured using a variety of global suppliers. Sosandar caters for a growing market of fashion-conscious women, while utilising an outsourced logistics provider that can support its planned growth over the coming years.

Sosandar’s founders are Ali Hall and Julie Lavington, who previously launched and ran high street fashion magazine Look, as editor and publishing director respectively. They have a combined experience of over 35 years in the fashion industry.

 Alison Hall, Co-founder and Joint CEO

Former fashion magazine editor, Alison Hall, is co-founder and joint CEO of Sosandar.

Prior to founding Sosandar in 2015, Alison was editor of Look magazine. After its launch in 2007, Alison helped it grow to become a leading fashion magazine title. Alison has been a highly influential fashion editor, and has twice been awarded the Editor of the Year (Women’s Magazines (weekly or fortnightly)) accolade by the British Society of Magazine Editors. During her tenure at Look, Alison designed successful clothing ranges for several of the UK’s top retailers.

Starting out as a reporter for regional newspapers, Alison began her magazine career at EMAP’s Slimming magazine. Recruited by Bliss magazine as deputy editor in 2001, Alison was promoted to acting editor, and six months later moved to More magazine as editor, where she successfully implemented a major relaunch of the title. Alison has also been a fashion contributor to both local and national radio and TV shows.

Julie Lavington, Co-founder and Joint CEO

Former fashion magazine publishing director, Julie Lavington, is co-founder and joint CEO of Sosandar.

In 2007, Julie launched Look magazine, a leading UK women’s fashion publication. During her tenure, Julie steered Look to have a multi-platform presence with a wide social media reach. She diversified into producing successful Look branded clothing ranges with leading UK fashion retailers. Julie was awarded the prestigious Publisher of the Year Award in 2010 by the Professional Publishers Association. From August 2014, Julie was also publishing director of UK InStyle magazine a global fashion brand published in 17 countries worldwide.

Prior to her role at Look and InStyle, Julie was publishing director of the TV portfolio at H. Bauer from 2001 to 2006, where she took TV Choice from fledgling brand to market leader. She has also held publishing roles on numerous women’s brands, including Marie Claire, after starting her career in advertising sales following a modern languages degree at Durham University. Julie is experienced in consumer research, sales and marketing, logistics and manufacturing, the development of customer-focused businesses, and in the recruitment and development of multi-disciplined teams.

Steve Dilks, CFO

Steve joined Sosandar from Regatta, the outdoor apparel business in September 2020 as Finance Director and was appointed Chief Financial Officer in May 2021 . Steve is CIMA qualified and has a broad skillset gained across a number of roles in highly complex organisations with a blend of financial, commercial and strategic experience.

During his eleven years at Regatta, the last four as Finance Director, Steve supported the Group’s consistent double-digit growth across multiple brands, countries and channels including wholesale, own retail, concessions and online. He was also the finance lead for several key strategic projects including the Group’s Brexit planning and the implementation of group wide new IT systems.

Prior to his tenure at Regatta, Steve held a broad range of financial and commercial roles in retail and FMCG organisations including Kraft Foods and The Co-Operative Group.

Company Presentation – The Property Franchise Group PLC

The Property Franchise Group PLC (AIM: TPFG) is the largest property franchisor in the UK and manages the second largest estate agency network and portfolio of lettings properties in the UK. The Company was founded in 1986 and has since grown to a diverse portfolio of nine brands operating throughout the UK, comprising longstanding high-street focused brands and a hybrid, no sale no fee agency. The Property Franchise Group’s brands are Martin & Co, EweMove, Hunters, CJ Hole, Ellis & Co, Parkers, Whitegates, Mullucks & Country Properties. Headquartered in Bournemouth, UK, the Company was listed on AIM on the London Stock Exchange in 2013.

Gareth Samples, CEO

With 30 years’ industry experience, Gareth brings a wealth of Estate Agency, Financial Services and digital marketing knowledge to the Group.

In his 21 year career at LSL Gareth was appointed Managing Director of the Your Move brand, which was the largest single brand estate agency in the UK at the time. In this role he was responsible for Your Move’s franchise operation as well as having overall control of Financial Services and Lettings and the strategy of the brand.

Following his successful career at LSL, Gareth became Managing Director of where he gained significant digital marketing experience and knowledge and since 2014 he has served as Chairman of Legalforlandlords. Gareth formally joined the Group as CEO on 30 April 2020.

David Raggett, CFO

Since qualifying with PwC as a Charted Accountant David has spent his whole working life in franchising as franchisor and franchisee. Initially David held financial responsibility for several Ford franchises before, in the mid 90s, moving to Porsche’s UK headquarters. Here he held financial responsibility for its distribution, retails and financial services businesses at various times, as well as being their company secretary and, for several years, Head of Legal.

In 2007 David took up the role Finance Director for the Motability Scooter and Powered Wheelchair Scheme to restore its financial stability, to improve its offering and to expand its customer base. After successfully turning the scheme around and leading it into new ownership, David joined the Group in February 2013.

The Property Franchise Group management team have answered the questions asked during the webinar here:

The business seems to be firing on all cylinders given the market environment. Is there anything you are concerned about in the short term beyond market conditions deteriorating?

With the Lettings & franchise model, I think this company is more resilient to a market downturn than traditional estate agent businesses – is that correct – would you expect to retain the majority of management service fees related to lettings activity?

Purplebricks are struggling so do you think the online model can really work? what are the figures looking like for this segment? ( ewemove)

Big question is given the change in government support, and the rates of inflation and problems with materials.  What is the outlook for next year 22 versus this year 21.  Indications are that EPS growth going to fall off.  Correct?

Although we do see some decline in the level of expected sales transactions next year in line with available research we believe that as inflation increases, residential property prices and rents will rise, leading to increased network revenue countering this reduction in sales transactions.

Growth will continue to be delivered from progress with our strategic initiatives. Currently the numbers in the market show a 10% growth in adjusted (diluted) EPS which as much reflects the significant progress in this financial year with the interim results showing a 99% increase in adjusted (diluted) EPS over H1FY20.

When the full year results for 2020 were announced, a new Long Term Incentive Plan was also put in place. Does the EPS growth target for vesting include or exclude the impact of the Hunters acquisition?

The EPS growth target includes the contribution that Hunters will make over the period.

W/hat is the difference between ROCE and ROCI?  Is it that ROCI ignores intangibles/goodwill?

Both measures use earnings before interest and tax as the numerator which strips out the effect of the capital structure in place and taxes. ROCE uses a denominator consisting of shareholder equity and long term debt. ROCI uses a denominator consisting of shareholder equity and net debt (excluding leases). The latter seeking to penalise excessive leverage. We are not a capital-intensive business, have only borrowed to part fund acquisitions and are highly cash generative. So, we should exhibit +20% returns for either measure in the long term.

David Stredder interviews Chris Boxall, co-founder of Fundamental Asset Management and Investors Champion

Established in 2004 by Chris Boxall and Stephen Drabwell, Fundamental Asset Management is an independent, owner managed, investment management firm which has delivered outstanding investment performance through focusing on direct equity investment, notably in AIM.

Fundamental undertakes its own in-depth research, seeking out the best investment opportunities across UK and international stock markets.

The firm has an unrivalled knowledge of AIM and has successfully provided AIM for Inheritance Tax planning and General Portfolio Management to private investors, trusts and institutions for more than 17 years.

In support of direct equity investment, and with a notable focus on AIM, in 2006 Chris also established Investor’s Champion. This online investment magazine is jam-packed with high quality content covering companies, funds, economics and global events – all to help you make your money go further.

Investor’s Champion was setup to introduce readers to those lesser known, smaller quoted companies. Since then, the website’s regular blogs and research have uncovered some outstanding small company success stories (and helped its readers avoid numerous disasters).

Chris Boxall

Book Review : Built on a Lie : The Rise and Fall of Neil Woodford and the Fate of Middle England’s Money, by Owen Walker

The definitive account of the Neil Woodford scandal from the award-winning FT journalist who first broke the story. This is the gripping tale of Britain’s top investor’s fall from grace and the shattering consequences.  The proud owner of a sprawling £14m estate in the Cotswolds, boasting a stable of eventing horses, a fleet of supercars and neighbouring the royal family, Neil Woodford was the most celebrated and successful British investor of his generation.

He spent years beating the market; betting against the dot com bubble in the 1990s and the banks before the financial crash in 2008, making blockbuster returns for his investors and earning himself a reputation of ‘the man who made Middle England rich’. As famous for his fleet of fast cars and ostentatious mansions, he was the rockstar fund manager that had the lifestyle to match.

But, in 2019, after a stream of poorly-judged investments, Woodford’s asset management company collapsed, trapping hundreds of thousands of rainy-day savers in his flagship fund and hanging £3.6bn in the balance.  In Built on a Lie, Financial Times reporter Owen Walker reveals the disastrous failings of Woodford, the greed and opulence at the heart of his operation, the flaws of an industry in thrall to its star performers and the dangers of limited regulation. With exclusive access to Woodford’s inner circle, Walker will reveal the full, jaw-dropping story of Europe’s biggest investment scandal in a decade.

(Found via

Paul Smiddy

Reviewed by Paul Smiddy

Paul trained as an accountant with Price Waterhouse; worked in a corporate finance role for J Sainsbury plc, then spent 25 years as an analyst of the retail sector in UK and Europe at a variety of stockbrokers and investment banks. Since retirement has been trustee of aviation-related charities, and NED of the country’s biggest military charity’s trading arm. Now a writer of non-fiction, mostly with some connection to the world of aviation. And enjoys active management of his portfolio unfettered by compliance departments. Tends to be growth –oriented, and portfolio includes some non-quoted companies. Other interests are sailing, skiing, books and flying.


Book Review : “The Signs Were There” by Tim Steer and  “Investment Policy

How to Win the Loser’s Game” by Charles D. Ellis

Reviewed by Roger Lawson

Roger obtained an M.B.A. from Cranfield Business School and is a Member of the British Computer Society.

He acted as an IT consultant in several software companies (including ICL/Fujitsu) and was IT director of a large retailing company.

More recently he has been a director of a number of private companies in the software and e-payment sectors and has been active in promoting the interests of private shareholders in public companies as a founding director and Chairman of the UK Individual Shareholders Society (ShareSoc) and a former director of the UK Shareholders Association (UKSA).

Roger Lawson 

The Mello BASH (Buy, Avoid, Sell & Hold)

Kevin began his City career 27 years ago, training as an actuary with a focus on defined benefit pension schemes. In 1997 he moved over to Investment Banking and joined a structured finance team working on complex projects and debt finance for large corporates. During those 27 years of financial markets experience Kevin has been a keen small cap investor looking after his family’s portfolios and trading on both the long and the short side of markets. Kevin is one of the more sceptical member of our panel and likes to see proof that demonstrate management’s claims before investing in a management team.

Investor not a gambler. interested in small cap companies often overlooked by markets. Skier. Walker. Meteorologist.

Fundamental Asset Management Limited is an independent, owner managed, investment management firm with an unrivalled knowledge of the AIM market.

It has successfully provided AIM Portfolio Management with Inheritance Tax planning to private investors, trusts and institutions for over 15 years.

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