Jonathan Nash KC and Ian McDonald success for Candy Ventures in High Court fraud trial
On 5 November 2025 the Commercial Court (Mr Justice Bright) handed down judgment in Candy Ventures SARL v. (1) Aaqua B.V. (2) Robert Bonnier [2025] EWHC 2877 (Comm), following a trial in early October 2025.
Candy Ventures is an investment firm, of which Nicholas Candy is the primary beneficial owner. Aaqua is a technology start-up, established by Robert Bonnier in July 2020 to develop a new social media software application.
In early 2021, Candy Ventures invested in Aaqua by swapping shares in Audioboom Group plc, a provider of podcast marketing and analytics, for shares in Aaqua. Candy Ventures’ case was that it did so based on representations by Mr Bonnier regarding Aaqua’s dealings with Apple and LVMH Moët Hennessy Louis Vuitton. These included representations that Mr. Bonnier had had significant discussions with Apple/LVMH, and honestly and reasonably believed they would invest in Aaqua; that there existed binding conditions precedent between Aaqua and Apple/LVMH; and that negotiations with Apple/LVMH were at an advanced stage and they had commented on draft contractual documents during those negotiations.
After Apple/LVMH’s investments in Aaqua did not materialise, Candy Ventures brought a claim for fraudulent misrepresentation/deceit against Aaqua and Mr Bonnier in July 2022.
In his judgment, Mr Justice Bright allowed Candy Ventures’ claim, finding that Mr Bonnier made the representations; that they were false, and he knew them to be false; that Mr Bonnier intended Candy Ventures to rely on the representations; and that Candy Ventures did in fact rely on them, in investing in Aaqua. The Judge concluded that Mr Bonnier told Candy Ventures a series of “deliberate lies”; and that the “only explanation for Mr Bonnier lying so repeatedly and determinedly was in order to secure CVS’s investment”. Candy Ventures was awarded damages of more than £4.6 million, plus interest and indemnity costs.
The case is notable for the fact that, at a pre-trial hearing on 1 October 2025, Candy Ventures secured a debarring order against Aaqua and Mr Bonnier, debarring them from defending the claim, on account of serious disclosure failures. Mr Justice Bright’s judgment therefore also includes reference to the effect of debarring orders on trial and the interaction between such orders and the right to a fair trial under Article 6 of the European Convention on Human Rights.
Candy Ventures was represented, at both the hearing at which the debarring order was granted and at trial, by Jonathan Nash KC and Ian McDonald, instructed by Dan Morrison, Ben Wolfe, and Nicola Scarparo of Grosvenor Law.
The judgment is available here.
