Tandem Group plc: KYC and integrity dossier

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Scope and limitations

Purpose. Establish the identity, ownership and control of the entity, and set out what the public record says about its conduct.

Limitations of this dossier

Public sources only: the Companies House register, the company's annual reports and announcements, and the public registers and lists named in the source register. No credit-bureau report, no paid register access.
Sanctions screening is a name screen of the group companies and current directors against the UK Sanctions List and OFAC list files. It is not a paid screening product and does not trace ownership links.
Ownership below the 3% notification threshold, and behind nominee holdings, cannot be established from these sources.
The Hong Kong subsidiary is outside the UK register and has not been checked against the Hong Kong Companies Registry.
Credit assessment, covenants and facility sizing are in the separate credit report and are not repeated here.

A check that did not run is named as such throughout. Nothing in this document should be read as a clean result for a check it does not say was performed.

Conclusion

What this dossier establishes

The entity is named identically on the register and in its own reports. No holder has control: the largest, S W Bragg (Non-Executive Chair), holds 20.0%, the top five hold 39.54%, and the PSC register agrees there is no person with significant control. None of the 12 checks that ran returned an adverse finding. 3 returned findings a lender should weigh, set out below.

Identity and control are settled here. Conduct is settled only as far as the public record reaches, and this document names every point at which it stops.

Who this is

Identity

Item	On the register
Legal name	Tandem Group plc
Company number	00616818
Status and type	Active, public limited company
Incorporated	15 December 1958
Registered office	35 Tameside Drive, Castle Bromwich, Birmingham, B35 7AG
Nature of business (SIC)	70100 - Activities of head offices
Previous names	EFG PLC (26 Feb 1990 - 01 Jan 1996); ECONOMIC FORESTRY GROUP P.L.C. (05 Jul 1982 - 26 Feb 1990); ECONOMIC FORESTRY (HOLDINGS) LIMITED (15 Dec 1958 - 05 Jul 1982)
Listing	AIM, London Stock Exchange, ticker TND, ISIN GB00B460T373
Accounts	made up to 31 December 2025; next due 30 June 2027

Companies House register for the parent and its trading subsidiary, read against the annual report and the company's own announcements. ↗ Companies House

Name agreement. Companies House and the annual report name the entity identically once letter case is normalised.

Trading subsidiary. TANDEM GROUP TRADING LIMITED (01700202), incorporated 17 February 1983, SIC 46900 - Non-specialised wholesale trade, same registered office. Formerly MV SPORTS & LEISURE LIMITED (1990 - 2022); MV SPORT AND LEISURE LIMITED (1990); M.V. IMPORTS & EXPORTS LIMITED (1985 - 1990); T.G.M. MOTORS LIMITED (1983 - 1985); GALLEYSTAG LIMITED (1983). Its own accounts to 31 December 2025 were filed on 16 September 2026. ↗ Companies House

Other subsidiary	Where	Activity
M.V. Sports (Hong Kong) Limited	Hong Kong	Sports, leisure and toy products (sourcing office)
Expressco Direct Limited	England	Dormant
Tandem Group Cycles Limited	England	Dormant

Annual report, parent company note 5.

Tandem designs and imports bicycles and e-bikes, licensed wheeled toys, golf trolleys and home and garden products, and sells them to UK national retailers, independent dealers and online marketplaces, plus a small direct-to-consumer e-bike business (Electric Life). Production is outsourced, mainly to Asia; the group owns its Birmingham head office and an 85,000 sq ft freehold warehouse.

Not established from public sources

Beneficial owners behind nominee holdings below the 3% notification threshold
Credit-bureau history for the group and personal credit history for the directors
The Hong Kong subsidiary's own registry record (Hong Kong Companies Registry, paid)
Bank account ownership and signatories

Who holds it

Ownership and control

The top five notified holders hold 39.54%. The largest, S W Bragg (Non-Executive Chair), holds 20.0%. Directors currently on the board hold 20.0% between them among the notified holders.

Holder	Holding	As of	Source
S W Bragg (Non-Executive Chair)	20.0%	22 June 2026	PDMR announcement
Individual shareholder	6.4%	20 March 2026	AR2025
Individual shareholder	5.1%	20 March 2026	AR2025
Individual shareholder	4.14%	8 September 2026	TR-1
Individual shareholder	3.9%	20 March 2026	AR2025
S J Grant (former Chair)	3.8%	22 June 2026	TR-1

Significant holders of 3% or more from the annual report (at 20 March 2026), brought forward by TR-1 and PDMR announcements to 10 September 2026; checked against the Companies House PSC register.

Notifications since the annual report

18 June 2026: S J Grant to 4.7% (from 5.2%), TR-1. ↗ View
22 June 2026: S J Grant to 3.8% (from 4.7%), TR-1. ↗ View
22 June 2026: S W Bragg at 20.0%, PDMR. Bought 50,000 shares at 165.25p. The total includes 7,500 shares bought in 2024 before his appointment and not previously included in his reported holding. ↗ View
8 September 2026: Individual shareholder to 4.14% (from 3.17%), TR-1. Held through Rulegale Nominees Limited. ↗ View

Persons with significant control. The PSC register records no person with significant control, and no notified holder is above 25%: the largest, S W Bragg (Non-Executive Chair), holds 20.0%. The two disclosures agree. The register records: “The company knows or has reasonable cause to believe that there is no registrable person or registrable relevant legal entity in relation to the company” ↗ PSC register

Holdings under 3% are not notifiable, so the list is complete only above that threshold. A holder shown with an earlier date may have changed since without crossing a whole-percentage threshold.

Encumbrance

UK disclosures do not report share pledges by holders below the PSC threshold, and the PSC register does not record pledges. None is disclosed; that is not the same as none existing.

Who holds security

11 charges outstanding. The parent has 18 charges registered, 5 outstanding; the trading subsidiary 13, 6 outstanding. ↗ Parent charges ↗ Subsidiary charges

Created	Holder	Type	Particulars	Company
6 November 2000	HSBC Invoice Finance (UK) Ltd	Fixed charge on receivables and related rights	Fixed equitable charge over all factored receivables which fail to vest in the security holder.	Parent
12 September 2002	HSBC Invoice Finance (UK) Ltd	Fixed charge on purchased debts which fail to vest	Fixed equitable charge over all debts purchased under the debt purchase agreement.	Parent
29 May 2003	HSBC Bank plc	Debenture	Fixed and floating charges over the undertaking and all property and assets present and future.	Parent
1 February 2013	HSBC Bank plc	Legal mortgage	Freehold property, 35 Tameside Drive, Castle Vale, Birmingham (title WM705755).	Parent
9 April 2021	HSBC UK Bank plc	Legal charge	Land on the south side of Orton Way, Orton, Birmingham (title WM325899).	Parent
9 May 2002	Private individual	Debenture	Fixed and floating charges over the undertaking and all property and assets. Part released.	Trading subsidiary
9 May 2002	Private individual	Debenture	Fixed and floating charges over the undertaking and all property and assets. Part released.	Trading subsidiary
29 May 2003	HSBC Bank plc	Debenture	Fixed and floating charges over the undertaking and all property and assets present and future.	Trading subsidiary
4 June 2003	HSBC Invoice Finance (UK) Limited	Fixed charge on purchased debts which fail to vest	Fixed equitable charge over all debts purchased under the debt purchase agreement.	Trading subsidiary
17 May 2013	HSBC Bank plc	Charge	Notification of addition to or amendment of charge.	Trading subsidiary
5 February 2016	HSBC Bank plc	General pledge	A general pledge.	Trading subsidiary

2 of these name private individuals as chargees (created 2002; named on the register) and remain outstanding on the register with part of the property released. The credit report raises their satisfaction as a condition; here they are recorded as a register finding, not as evidence of a live debt.

Where and how to reach it

Offices and contactability

Every address and contact point the public sources publish, set side by side. A difference between sources is a question to put, not a finding of wrongdoing.

Registered identifiers

Identifier	As published
Companies House number	00616818 (Tandem Group plc); 01700202 (Tandem Group Trading Limited)
ISIN	GB00B460T373
Ticker	TND (AIM)

Companies House numbers from the register; ISIN from the TR-1 filings and the company's share-price page.

Addresses on record

Role	Address	Source
Registered office and head office	35 Tameside Drive, Castle Bromwich, Birmingham, B35 7AG	Companies House; annual report ↗ View
Warehouse (freehold, charged to HSBC)	Land on the south side of Orton Way, Birmingham (title WM325899)	Companies House charge particulars ↗ View
Hong Kong subsidiary, registered office	Room 1910, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong	AR2025, parent company note 5
Hong Kong sourcing office	Kowloon East (moved there in late 2024; no street address published)	AR2025, strategic report

Contact points

Type	As published	Source
Telephone	0121 748 8000	Regulatory announcements, 2026
Investor email	investorrelations@tandemgroup.co.uk	H1 2026 interim report
Nominated adviser and broker	Cavendish Capital Markets Limited, 020 7220 0500	Regulatory announcements, 2026
Auditor	Cooper Parry Group Limited, East Midlands Airport	AR2025

Where it operates

Operating footprint

Item	As described
Geographic concentration	Sales are overwhelmingly UK; expansion into Western Europe began in 2026 with a new Head of International Sales. Sourcing is concentrated in Asia, run from a Hong Kong subsidiary.
Customer concentration	Not disclosed. Note 11 states the group 'does not identify specific concentrations of credit risk' because receivables 'resemble a large number of receivables from various customers'.
Seasonality	Stock and borrowing move through the year. At 30 June 2026 inventory was £6.5M against £4.4M at 31 December 2025, and net debt £2.8M against £1.9M. The pattern is not fixed: over the first half of 2025 net debt fell, from £4.3M to £3.2M, and operating cash was positive.
Customer types	UK national retailers; independent bicycle dealers; online marketplaces (Amazon, eBay) and retailers' online channels; direct-to-consumer (Electric Life showroom and website); Free On Board container orders shipped direct to retailers
Named sales channels	B&Q; Tesco; The Range; Wayfair; Amazon; eBay
Primary inputs	finished goods sourced from Asian contract manufacturers, purchased largely in US dollars; brand licences from global licensors (Disney, Mattel, Hasbro, Netflix, BBC and others), typically two to three years
Primary outputs	bicycles and electric bikes (own brands: Dawes, Claud Butler, Falcon, Elswick, Squish, Boss); licensed and own-brand wheeled toys and outdoor play; golf trolleys and bags (Ben Sayers, Pro Rider); home and garden heating, cooling and outdoor products (Jack Stonehouse, Airwave)

The annual report's strategic report and notes. Narrative, not a register.

Named in AR2025 as platforms and retail partners' online channels through which third-party marketplace sales were made. Not disclosed as a customer list, and no customer share of revenue is given.

Screening surface. The annual report names retail channels and marketplaces, not a customer or supplier list, and no supplier at all. Sanctions and adverse-media screening here therefore covers the group and its directors only; a clean screen against that is not a clean screen of the counterparties.

What the record says

Conduct and integrity

12 of 12 checks were run. 0 returned an adverse finding and 3 a finding to weigh. A finding is a fact a lender should take into account that is not misconduct; a check that could not run is named, because a dossier listing only adverse results cannot be told apart from one where nothing was checked.

Check	Result	Detail
Insolvency history on the Companies House register	Clean	Neither company shows an insolvency tab on the register, which Companies House presents only where insolvency proceedings have been recorded.
Insolvency or winding-up notice in The Gazette	Clean	No Gazette notice for Tandem Group plc or Tandem Group Trading Limited. The Gazette's 'Tandem' results (Tandem Consulting, Tandem Systems, In Tandem Resources, Tandem Leisure) are unrelated companies. Companies House shows no insolvency history for either company. ↗ Source
Directors on the disqualified-officers register	Clean	No current director appears on the disqualified-officers register. Searched by full name for all five; the surname matches returned (for example 16 disqualified Taylors and 4 Kaurs) all carry different dates of birth from the directors' dates on the Companies House officer list. ↗ Source
UK Sanctions List (FCDO)	Clean	No match on the UK Sanctions List (FCDO, list dated 21 September 2026, 58,449 name rows) for any group company or current director. Name-based screen against the published file, not a paid screening product. ↗ Source
OFAC sanctions lists	Clean	No match on the OFAC SDN list, its alias file or the consolidated non-SDN list (downloaded 29 September 2026) for Tandem Group, Tandem Group Trading, M.V. Sports (Hong Kong), Expressco Direct, Tandem Group Cycles or any current director. Name-based screen against the list files, not a paid screening product. The UN and EU lists were not screened separately; UN designations are largely carried into the UK list, EU designations are not. ↗ Source
Product safety recalls and reports (OPSS)	Clean	No OPSS recall or safety report names Tandem, MV Sports or the group's bicycle, toy, golf or home-and-garden brands. The only near match, 'Squish! Gummy Bear Toy' (15 September 2026), is a counterfeit squeeze toy rejected at the border; the report names no brand owner and nothing in it links it to the group's Squish bike brand. ↗ Source
Auditor's opinion and going concern	Clean	Cooper Parry Group Limited: unqualified opinion on the FY2025 accounts. No material uncertainty identified. Key audit matters: Carrying value and impairment of goodwill; Valuation of defined benefit pension obligations.
Related-party transactions disclosed	Clean	There were no related party transactions during the current or prior year. (AR2025 note 19)
Material pending litigation	Clean	No litigation provision or contingent liability for litigation in the FY2025 notes, and none found in the news search. A court-record search (the civil courts' online case lists) has not been run.
Bank covenant compliance, last three years	Finding	Financial covenants on the HSBC loans were breached at 31 December 2023 with no waiver received; the loans were refinanced on 31 January 2024 by a covenant-free HSBC loan (AR2023 note 14).
At least 2 independent non-executive directors (QCA Code expectation)	Finding	1 of 5 directors is independent (Mark Adrian TAYLOR). The chair holds 20.0% of the shares and is not counted as independent. A search for an additional director was announced on 10 August 2026.
Chair or board changes in the last 12 months	Finding	17 June 2026: Stephen James Grant stepped down as Chair and director at the AGM, after 21 years on the board (the Companies House register records his resignation on 16 June 2026). 17 June 2026: Jonathan Crookall became Chair. 17 July 2026: Jonathan Crookall stepped down as Chair, reverting to non-executive director; Mark Taylor appointed Interim Non-Executive Chair and a search for a permanent independent chair begun. 10 August 2026: Simon Bragg, a non-executive director holding about 20% of the shares, appointed Non-Executive Chair; Jonathan Crookall left the board; a search begun for an additional independent non-executive director.

Companies House registers, the annual reports and the company's announcements, and the executed source register below. Every check names whether it ran.

Management tone. Measured optimism: 'trading in line with market expectations', with the new chair stating the group must deliver 'scale beyond the historical levels of sales and profitability'. Guidance. FY2026 market forecasts, as the company understands them: revenue £27.7M and profit before tax £0.8M. Revenue to 30 August 2026 +9.1% year on year. A full-year dividend is intended if the forecast is met.

Regulatory exposure. UK consumer product safety (toys, e-bikes, e-scooters and batteries) enforced by the Office for Product Safety and Standards; AIM Rules and the UK Market Abuse Regulation as a listed issuer.

Principal risks, as the company states them (AR2025 strategic report, principal risks and uncertainties)

UK consumer demand and retailer destocking (the company's first-named principal risk)
Outsourced Asian production: factory issues, import duties, freight cost and shipping delays, including Middle East routes
US dollar purchases, hedged with forward contracts under hedge accounting
Variable-rate borrowing, partly capped (a 2% cap on £3M, depreciating)
Brand licences of two to three years that may not be renewed
Two closed defined benefit pension schemes whose contributions can rise with market volatility

Sanctions. Every group company and every current director was screened by name against the UK Sanctions List file (dated 21 September 2026) and the OFAC SDN and consolidated list files (downloaded 29 September 2026). No match. This is a name screen against the published lists, not a paid screening product with fuzzy matching and ownership links.

Adverse media. No fraud, penalty, lawsuit or recall coverage of Tandem Group plc found. Results for 'Tandem' fraud and litigation terms return unrelated companies (Tandem Diabetes Care in the US; Tandem Money, a UK bank). Coverage of this issuer in 2026 is trading and board news: the AGM trading statement, the chair changes of July and August, and the H1 2026 return to profit.

What a complete check covers

Source register

15 sources make up a complete KYC check on an entity in the United Kingdom, 12 of them mandatory. The register below is resolved for this company, with every query built and ready to run. 15 have been executed for this document, and their results are recorded in the table below.

Searches were run on 29 September 2026 and recorded, so this document reproduces from them rather than re-running a live search each time it is built. Method: each register row run against its primary source where one is publicly downloadable (the Companies House register pages, the FCDO UK Sanctions List file, the OFAC SDN and consolidated list files, the Insolvency Service disqualified-officer search, the GOV.UK product-safety search), and by web search otherwise; results read and recorded by hand.

The 15 sources, with each result and a link to it

Identity: Establish the entity and its filings with the registrar.

Source	Weight	Status	What it would establish
↗ Company website ↗ re-run search	Mandatory	Nothing adverse	Investor site tandemgroupplc.co.uk confirmed, carrying the annual reports, interim reports and every regulatory announcement since 2013. The address printed in the annual report, www.tandemgroup.co.uk, redirects there. Trading brands run their own sites (mvsports.com, squish.bike, bensayers.co.uk, electriclife.co.uk).
↗ Companies House ↗ re-run search	Mandatory	Finding	Company 00616818, active public limited company, incorporated 15 December 1958 as Economic Forestry (Holdings) Limited; renamed EFG PLC in 1990 and Tandem Group plc in 1996. Registered office 35 Tameside Drive, Castle Bromwich, B35 7AG. Accounts to 31 December 2025 filed 23 July 2026, next due 30 June 2027; confirmation statement current. Trading subsidiary Tandem Group Trading Limited (01700202, formerly MV Sports & Leisure Limited) filed its own accounts to 31 December 2025 on 16 September 2026. The FY2025 group accounts image on the register runs to 35 pages and stops at page 33 of the 72-page annual report.
↗ Companies House, persons with significant control ↗ re-run search	Mandatory	Nothing adverse	No registrable person with significant control. The company has filed a statement that it has no registrable person, which is consistent with its largest holder being at about 20% of the votes, below the 25% threshold.

People: Directors, key management and their other roles.

Source	Weight	Status	What it would establish
↗ LinkedIn company page ↗ re-run search	Optional	Nothing adverse	LinkedIn company page 'TANDEM GROUP PLC' confirmed, Castle Bromwich, 51-200 employees band, founded 1958. The annual report gives an average of 73 employees in 2025, consistent with that band.
↗ Disqualified directors register (Insolvency Service) ↗ re-run search	Mandatory	Nothing adverse	No current director appears on the disqualified-officers register. Searched by full name for all five; the surname matches returned (for example 16 disqualified Taylors and 4 Kaurs) all carry different dates of birth from the directors' dates on the Companies House officer list.

Credit: Published ratings and rating actions, including the absence of one.

Source	Weight	Status	What it would establish
↗ Companies House, register of charges ↗ re-run search	Mandatory	Finding	Eleven charges outstanding across the parent and the trading subsidiary. Nine are HSBC: all-assets debentures over both companies, legal charges over both freehold titles (35 Tameside Drive, and the Orton Way warehouse land), fixed charges over receivables in favour of HSBC Invoice Finance, and a general pledge. The other two are 2002 debentures over the trading subsidiary in favour of two private individuals, recorded as outstanding with part of the property released and no satisfaction filed.
↗ UK credit rating, current and prior for trend ↗ re-run search	Mandatory	Not rated	No public credit rating from S&P, Moody's or Fitch. Consistent with a group whose debt is bilateral bank lending from HSBC rather than rated bonds.

Trade: Cross-border activity and declared counterparties.

Source	Weight	Status	What it would establish
↗ Cross-border trade data, Trademo / Volza / Panjiva ↗ re-run search	Optional	Not found	No public shipment record for Tandem Group Trading or MV Sports & Leisure surfaced in the free trade-data indexes. A Panjiva page for 'MV Sport' is a New York apparel business, unrelated. UK import records are not published at company level free of charge.
↗ UK trade data, Trademo / Volza / HMRC ↗ re-run search	Mandatory	Not found	No company-level import record found in the free indexes (Trademo, Volza). The annual report states purchases are largely in US dollars from Asian contract manufacturers, sourced through the Hong Kong subsidiary.

Regulatory: Sector regulators and enforcement bodies.

Source	Weight	Status	What it would establish
↗ The Gazette, insolvency and winding-up notices ↗ re-run search	Mandatory	Nothing adverse	No Gazette notice for Tandem Group plc or Tandem Group Trading Limited. The Gazette's 'Tandem' results (Tandem Consulting, Tandem Systems, In Tandem Resources, Tandem Leisure) are unrelated companies. Companies House shows no insolvency history for either company.
↗ Product safety recalls and reports (OPSS) ↗ re-run search	Optional	Nothing adverse	No OPSS recall or safety report names Tandem, MV Sports or the group's bicycle, toy, golf or home-and-garden brands. The only near match, 'Squish! Gummy Bear Toy' (15 September 2026), is a counterfeit squeeze toy rejected at the border; the report names no brand owner and nothing in it links it to the group's Squish bike brand.

News: Press coverage over the recent period.

Source	Weight	Status	What it would establish
↗ General news (last 24 months) ↗ re-run search	Mandatory	Nothing adverse	No fraud, penalty, lawsuit or recall coverage of Tandem Group plc found. Results for 'Tandem' fraud and litigation terms return unrelated companies (Tandem Diabetes Care in the US; Tandem Money, a UK bank). Coverage of this issuer in 2026 is trading and board news: the AGM trading statement, the chair changes of July and August, and the H1 2026 return to profit.
↗ UK business news ↗ re-run search	Mandatory	Nothing adverse	No FT, Guardian or Reuters coverage of the issuer in 2024 to 2026 beyond results and board-change wires. Nothing adverse.

Sanctions: Sanctions, watchlist and enforcement screening.

Source	Weight	Status	What it would establish
↗ OFAC / UN / EU sanctions screen ↗ re-run search	Mandatory	Nothing adverse	No match on the OFAC SDN list, its alias file or the consolidated non-SDN list (downloaded 29 September 2026) for Tandem Group, Tandem Group Trading, M.V. Sports (Hong Kong), Expressco Direct, Tandem Group Cycles or any current director. Name-based screen against the list files, not a paid screening product. The UN and EU lists were not screened separately; UN designations are largely carried into the UK list, EU designations are not.
↗ UK Sanctions List (FCDO / OFSI) ↗ re-run search	Mandatory	Nothing adverse	No match on the UK Sanctions List (FCDO, list dated 21 September 2026, 58,449 name rows) for any group company or current director. Name-based screen against the published file, not a paid screening product.

Official registry. https://find-and-update.company-information.service.gov.uk/, primary identifier is Companies House number (CRN).