ESE Capital Limited enters liquidation

The Director of ESE Capital took insolvency advice and determined the best course of action was to put the firm into liquidation. 

For further information, please contact the Liquidators: 

• Dedicated email address: [email protected]
• Tel no: 020 7377 4370
• Joint liquidators: [email protected] and [email protected]
• General enquiries: [email protected]

• The FCA does not supervise the day‑to‑day running of the unauthorised Funds.
• The FCA cannot guarantee the performance or financial safety of the unauthorised Funds.
• Investors may not benefit from certain FCA regulatory protections that apply to authorised investment products.
• If an unauthorised Fund experiences losses, delays, or operational issues, the FCA may have limited or no powers to intervene.

ESE Capital Limited acted as the manager of a number of unauthorised AIFs. Investors’ money is held within those funds and not by ESE directly.

If you are an investor in any of the Funds listed above, or have any relevant information you would like to share, you can contact us[1].

For questions about the liquidation process, please contact the Liquidators directly at [email protected].

Please note: The FCA does not regulate liquidators, who are responsible to their own professional bodies and to the court. Nevertheless, the FCA will continue to engage with the Liquidators and take any necessary actions. The Liquidators have not been appointed to receive claims on behalf of the Funds themselves.

ESE Capital was incorporated on 11 April 2007 under the name FR Financial Services Limited. On 25 February 2013, the firm changed its name to Falcon International Financial Services Ltd, and again on 28 October 2021 to ESE Capital Ltd. ESE Capital operated with the trading name 'Intro Crowd' between 6 December 2019 and 28 February 2023.

ESE Capital raised money from individual investors on the premise of purchasing undeveloped land (often called 'land banking'). Each piece of land was placed into separate legal entities (known as Alternative Investment Funds). The firm stated it would seek planning permission for the undeveloped land with the aim to sell the land to property developers for a profit. However, this aim has never been fully realised. The firm made its money by acting as the Fund Manager of the Funds, charging fees to investors for managing their investments.

ESE Capital has carried out this approach since 2008. However, none of the 10 Funds managed by ESE Capital have met their stated aim or delivered any investment returns to investors.

The following entities formed part of the connected network around ESE Capital and Invexus Financial Group Limited during the period leading up to liquidation:

• ESE Capital was controlled by Invexus Financial Group Limited, whose sole director and ultimate beneficial owner was Mr Gregory Samuel Baker at the time of liquidation.
• Falcon International Estates Ltd (formerly Falcon Land & Property Ltd) acted as an in-house Appointed Representative and introducer for ESE products between 2012 and 2017; it was owned by Invexus and dissolved in 2021.
• Intro Capital Ltd (formerly FR Land Investments and Academy Estate Agents Ltd) acted as an in-house Appointed Representative and introducer for ESE products between 2014 and 2019; it was also owned by Invexus and dissolved in 2021.
• Intro Crowd Limited, established by Mr Gregory Samuel Baker in 2015, was an unauthorised entity involved in wider business activities before transferring operations to ESE Capital in 2019.
• On 12 November 2025, Mr Matthew Stuart Baker instructed CMB to act as the Firm’s insolvency practitioner to assist in placing ESE Capital into Creditors’ Voluntary Liquidation, with a proposed liquidation date of 1 December 2025.
• On 13 November 2025, CMB notified the FCA of its engagement with ESE Capital. The FCA did not receive any prior notification from Mr Matthew Stuart Baker regarding a decision to wind up the business or any arrangements for the Funds.

Senior Management of ESE Capital

Mr Matthew Stuart Baker (IRN: MSB01157) was the sole director of ESE Capital and its only Senior Management Function (SMF) holder (or equivalent) since 24 May 2013, holding:

• SMF3 (Executive Director)
• SMF16 (Compliance Oversight)
• SMF17 (Money Laundering Reporting Officer ('MLRO'))

Directors of AIF Companies

Mr Matthew Stuart Baker and Mr Gregory Samuel Baker are the directors of the Funds that were established and managed by ESE Capital as a Fund Manager.

Mr Matthew Stuart Baker is listed as director of the following Funds:

• College Wood Farm Phase 1 Limited.
• Cadnam Management Ltd.
• Clopton Fields Management Limited.

Mr Gregory Samuel Baker is listed as director of the following Funds:

• Clopton Fields Management Limited.
• Cam Land (Dursley) Limited.
• Castle Donnington Limited.
• Badby Limited.
• Newington (Sittingbourne) Ltd.
• Warden Bay Sheppey Ltd.
• Fordwich (Well Lane) Ltd.
• The Barony NP (UK) Ltd (in Administration).

It is for the FSCS to determine whether customers of the firm are eligible to claim for compensation under their rules. We have been actively engaging with the FSCS and are continuing to do so. For more information, please visit FSCS’ dedicated page[2] for ESE Capital Ltd. 

The FCA does not regulate liquidations or the Liquidators. The Liquidators are answerable to the court, to their own professional body and to the Insolvency Service. However, ESE Capital Limited remains an FCA-authorised firm and the FCA will be monitoring the situation and liaising with the Liquidators. 

All customers should remain alert to the possibility of fraud. If you are cold called by someone claiming to be from ESE Capital Limited, the Liquidators or the FCA, please end the call and contact them directly. See more about how to protect yourself from the most common types of scams[3]. 

If you are approached by a company offering to help you recover your money, you should think carefully. For most of ESE Capital Limited’s customers, there will be no benefit in involving a third party in making a claim.

If you have any questions about the liquidation process, please contact the Liquidators using the contact details above.