2San Global Pay £47 Million Dividend to Shareholders

2San Global is a company that I have reported on previously. It is an interesting company owned by Dean Hales along with the UK based Whiley family and the Denmark based Calder family.

The company was set up at the start of the pandemic in Australia by Dean Hales, son of brethren leader Bruce Hales. In the UK a company was incorporated on Companies House on the 26th May 2020 just 2 days before Dean's brother Gareth & Charles Hales set up their Sante Global business. 

The three brothers were setting up businesses to supply PPE & latterly Covid Tests during the pandemic. 

Unlike the highly successful Sante Global, 2San Global appear to have won only a couple of government Covid Contracts, with one in Australia worth AUD $25 million and one in the UK worth approx £5 million. 

A whole different picture emerges however when it comes to the published accounts filed by 2San Global in Australia, the UK and Denmark.

In the UK 2San Global accounts show at the end of year:
2020 - 2 employees, and net assets of £646k
2021 - 2 employees and net assets of £566k
2022 - 15 employees and net assets of minus £1.15million
2023 - 8 employees and net assets of minus £2.8million

It is worth noting that in 2022, the UK company 2San Global paid over £47 million in dividends to the directors with approx a third of this going to Dean Hales and his other entities. 2San Global also paid out over £13 million in Corporation Tax in 2022.

In Australia 2San Global PTY Ltd accounts show a quite remarkable level of turnover for the financial year ending 30th June 2022 of AUD $738million! Which is approx £360 million.

A similar picture can be found in Demark with 2San Aps also reporting large turnover of over £50 million.

It would appear that 2San Global were wholesaling a large amount of goods in the first 6 months of 2022. Who they were selling to remains a mystery, though we do know that Dean Hales also owns a company called Medco Solutions PTY Ltd in Australia. 

There was also another brethren owned business in the UK, with links to Dean Hales called Medco Solutions Ltd, who were major PPE winners and latterly in 2021-2022 were major winners of UK government contracts worth hundreds of millions, supplying Covid Tests to the UK government. Medco Solutions Ltd also have published accounts showing that they were paying large administration fees to another company. In excess of over £160 million was paid to this other company. 

Medco Solutions Ltd were awarded contracts by the Test & Trace/UK Health Security Agency, part of the Department of Health & Social Care (DHSC). The question remains was Medco Solutions Ltd using 2San Global as their wholesale partner to assist in winning these contracts? If they were then a further question arises around the potential conflict of interest when 2San Global recruited at least 13 members of the UK Test & Trace Team including Mark Hewlett in March 2022. Plus in terms of transparency, I strongly believe that the Covid Testing contract awarded to Medco Solutions Ltd on the 31st December 2021 should have the redacted sub-contractors listed unredacted.

I am not suggesting any wrongdoing by any of the above named people and companies, simply asking for transparency around Medco Solutions and the sub-contracting of their Covid Testing contracts.