According to a filing with Companies House, MJS Capital plc has changed its name to Colarb Capital plc.
Over the past year, a number of investors have complained via comments on this blog and other online forums about MJS Capital failing to repay their bonds when they fell due. A common theme is MJS Capital negotiating a payment plan for the repayment of matured investments, which MJS then also fails to meet.
In June 2018 MJS / Colarb disclosed in its September 2017 accounts that it had experienced banking issues, with banks either freezing its accounts or refusing to allow it to open new ones.
Non-executive director Lord Razzall CBE resigned from the company in March 2018, saying in his resignation letter that he hoped his removal from the board would resolve MJS Capital’s banking problems.
MJS also disclosed in their accounts that they used a company set up by a former director (Martin Westney), imaginatively named MJS Cap Limited, in another attempt at resolving its banking issues.
From the ongoing complaints by investors, it does not appear that either measure has achieved much.
MJS / Colarb Capital managing director and owner Shaun Prince previously incorporated a company under the name Colarb Holdings Limited in December 2017. Exactly what Colarb is supposed to mean is unclear, although “arb” may relate to MJS’ underlying investment in arbitrage, while “col” could refer to “collective” or “collateral”.
At time of writing MJS Capital’s previous website (mjs.capital) is down. A search on Google for an official Colarb-branded website produced no results.