Downing's response to the allegations by Mr Dixon on the Staines Town Football Club website

  • The allegations published by Mr Dixon on the Staines Town Football Club (STFC) website against Downing LLP (Downing) and The Thames Club (TTC) (a company in which funds managed by Downing hold an investment) are untrue.
  • They would appear to be the latest attempt by Mr Dixon to deflect attention from his mismanagement of STFC over a number of years and this has left the club in a parlous financial position.
  • STFC has enjoyed the benefit of a lease from TTC, its landlord, at a peppercorn rent. Regrettably for a prolonged period, STFC has fallen into arrears on the payment of its service charge under the lease and other debts, which means it has an increasing number of unpaid creditors.
  • The fact that STFC is ceasing operations has nothing to do with TTC or Downing. Nor is it connected to the alleged breaches of the Modern Slavery Act 2015 (Act) by Downing. This is a construct and does not bear scrutiny not least because none of Downing, TTC or indeed STFC qualify as a ‘commercial organisation’ for the purpose of the Act as they do not meet the financial thresholds set by the Secretary of State.
  • That is not to suggest that Downing and TTC operate with anything other than the highest ethical standards.
  • The allegation that Downing has breached any Russia sanctions legislation is also wholly untrue. Mr Dixon’s logic appears to be that because funds managed by Downing hold an investment in a regulated financial institution listed on the Swiss stock exchange, alongside BlackRock, UBS and a number of pension funds, Downing is breaching sanctions because the Swiss entity has some Russian interests. However that institution is not itself sanctioned and has subsidiaries which are regulated in the UK by the Financial Conduct Authority and are also not sanctioned. This is the sole justification for Mr Dixon’s baseless claims.
  • The remainder of the wild allegations made by Mr Dixon should be viewed in the context of the above.   


Press contact:

Jean Birrell

Jean.Birrell@downing.co.uk

077 9955 5353