It all started with a bold investment promise—12% returns in just 12 months. For many, that would sound like a dream.
But one reader who was approached by a company promoting Terra Firma Energy Ltd had a hunch something didn’t feel quite right.
That hunch led Financial Mail on Sunday’s Tony Hetherington down a months-long rabbit hole of shady business dealings, banned directors, and companies that vanish when questions start flying.
From TBE Consultants to Liquidation in a Flash
The journey began with TBE Consultants Ltd, a company that had been promoting investments in Terra Firma Energy (TFE).
But almost as soon as Hetherington began making inquiries, the company’s owner, William Davies, quietly pushed it into liquidation.
The firm left behind nearly £1.7 million in debts.
Turns out, Davies had a history. He once worked as an adviser at the already disreputable Beaufort Securities, which was fined £90,000 by the Financial Conduct Authority back in 2006.
Davies also ran another firm, Salesian Consultants, which he put into liquidation after borrowing over £79,000 from it—then settling that debt for just £30,000 by claiming near-bankruptcy.
Shortly after, Davies popped up again—this time as a director of not one but four different TFE-related businesses.
So when TBE Consultants were pushing investors toward TFE, Davies was playing both sides.
Meet the Salesman with a Seriously Shady Past
The man who originally contacted the reader was Stephen Leary. His track record? Even more concerning.
Leary is currently banned from acting as a company director for 14 years due to his involvement in a £3 million investment scam called Worldwide Commodity Partners Ltd.
Despite this ban, he’s still out there—actively recruiting investors for TFE. That’s legal, somehow.
Leary has also worked at two other dodgy broker firms and was involved in marketing risky loan bonds through Platinum Assets And Developments (PAD), a venture that collapsed under court orders.
The Ties Between TFE and a Failing Energy Firm
Digging deeper, Hetherington found more troubling links.
Peter Eagle, who once ran the failed Platinum Energy Solutions (the same offshoot PAD was relying on), joined Terra Firma Energy in 2020.
He didn’t stick around long—he stepped down a year later—but the connection raised eyebrows.
Then there was Dan Keenan, named as TFE’s business development manager.
Keenan has an alarming past: he was sentenced to 11 years in prison back in 2012 for laundering money tied to a major drug dealer.
He also served five years earlier for blackmail and conspiracy to defraud.
After Hetherington started asking about him, Keenan disappeared from TFE’s website within hours.
Still, his LinkedIn profile listed him as a full-time TFE employee.
The “Legal Adviser” and His Troubled Business Past
Simon Fagan, another TFE associate, is listed as the company’s legal adviser.
He’s a Manchester solicitor who once served as a director at radiator firm Xefro Ltd. That business—and its products—were deemed dangerous by investigators before being wound up by court order.
But again, TFE distanced itself from his past when questioned.
Is National Grid Really a Partner?
On its website, TFE boasted of a partnership with National Grid.
But when Hetherington checked with the grid directly, they clarified: TFE may sell power into the energy market, but they are not direct partners.
That’s a major difference—especially when promoting investment to the public.
TFE’s Alter Ego: Stonehold Investment
The rabbit hole didn’t end there. The reader who contacted Hetherington also spotted Terra Firma Energy being advertised under the name Stonehold Investment.
Turns out, Stonehold isn’t a separate business—it’s just another name TFE uses.
Stonehold’s website went so far as to claim it had won awards and was “trusted by 123,000 investors.” Hetherington asked what awards those were and who the investors might be.
TFE didn’t answer. Instead, their lawyers fired off a legal warning.
They admitted the wild claims may have appeared on Google search results “erroneously” and said they’d look into it.
When asked about the people involved—like Davies, Leary, Keenan, and Fagan—TFE mostly brushed it off.
Lawyers Push Back, But Questions Remain
According to TFE’s lawyers:
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William Davies was just one of many employees at firms fined by regulators—nothing to do with TFE today.
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Stephen Leary may be banned from being a director, but there’s no rule stopping him from recruiting investors.
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Dan Keenan’s past criminal record was unknown to the company—he has now “left by mutual agreement.”
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Simon Fagan’s previous business failings are unrelated and irrelevant to his current advisory role.
The lawyers said none of this warranted being published.
Why This Still Matters for Investors
Despite the reassurances and legal deflections, serious questions remain.
TFE’s investments are risky, and only meant for experienced or wealthy investors who understand what they’re getting into.
Yet, the way they’ve been marketed—sometimes under different names with exaggerated claims—raises red flags.
And then there’s the now-defunct website bestrenewableenergyinvestor.com, which also promoted TFE with claims of a “15-year purchase agreement” with National Grid.
TFE’s lawyers say they don’t know who ran the site or why it used those claims. That alone says a lot.
Think You’ve Been Misled? Here’s What to Do
If you suspect you’ve been misled or caught up in financial wrongdoing, Tony Hetherington wants to hear from you.
While he can’t respond personally to every message, readers are encouraged to send detailed concerns—just remember to send copies of original documents, not the originals themselves.
Write to:
Tony Hetherington, Financial Mail
9 Derry Street, London W8 5HY
Or email: tony.hetherington@mailonsunday.co.uk
