The Halcyon Retreat Scandal—How Joshua Pugh and Combe Grove Are Linked to a €16 Million French Château Fraud
An Investigative Report on the Web of Deception Connecting a Luxury Wellness Retreat in Bath to One of Europe’s Biggest Property Scams
I. INTRODUCTION: A Tale of Two Retreats
On one side of the English Channel, a Grade II-listed 18th-century manor house in the rolling Somerset countryside near Bath presents itself as Britain’s first “Metabolic Health Centre”—a place of stillness, nature, and evidence-based wellbeing. On the other side, in the rural hills of Limousin, central France, a 128-year-old château lies in ruins, its swimming pool drained, police tape stretched across its doors, and hundreds of investors left with nothing but shattered dreams.
At the centre of both establishments stands a name that has become a lightning rod for controversy: Joshua Pugh—also known as Josh Pugh.
The Hindenburg Papers investigation has uncovered a troubling web of connections between Pugh, the Halcyon Retreat Golf and Spa fraud—a €16 million scam that has led to the arrest of one British businessman in Spain—and Combe Grove Manor Hotel, a wellness retreat near Bath that Pugh is now reportedly associated with.
This investigation examines the evidence linking Pugh to the Halcyon Retreat fraud, his role in promoting the doomed French property scheme, and the disturbing pattern of behaviour that raises urgent questions about Combe Grove’s current stewardship.
II. THE HALCYON RETREAT SCAM: A €16 Million Dream Turned Nightmare
The Promise
The Halcyon Retreat Golf and Spa was presented as a slice of paradise—a luxury complex centred around the Château de la Cazine in the village of Noth, near Limoges in south-west France. Investors were promised a chance to cash in on the development of 358 luxury apartments and villas nestled in the hills of Limousin, complete with an 18-hole golf course, spa, pâtisserie, laser quest, tennis courts, equestrian centre, and multiple swimming pools.
Glossy brochures produced by the firm showed a large resort with small dwellings dotted through the woods around the château, which had previously been operating as a hotel with a fine-dining restaurant. Investors were promised a combination of investment income, rental income, or the opportunity to own outright part of the resort—all sweetened by free stays at the château while building work was ongoing.
The Reality
But according to the financial crimes unit in Limoges, work never even began on the site. Instead, the cash from investors—estimated to be around €16 million—was funnelled into a network of offshore bank accounts.
By 2021, most people were no longer receiving money and couldn’t get in contact with the company. The local newspaper La Montagne reported that from 2023, the château was closed, with virtually no building work ever done on the supposed golf course, spa, or holiday cabins.
In 2025, the estate was seized by the French property recovery agency over unpaid salaries to workers and unpaid taxes and social contributions. The company was still advertising for investors even as the estate was being seized.
The Arrest
In May 2026, French investigators, assisted by Europol, travelled to London and Marbella in Spain. A warrant was issued for the arrest of the two British men behind the scheme.
One of them—Robin Barrasford, a former British police officer—was arrested in Spain and is now in custody awaiting extradition back to France. His business partner is still being sought by French police.
The French fraud squad estimates that €16 million of funds from investors has been funnelled into offshore bank accounts. Much of the investment came not from large firms but from private individuals, many of them British, who had lump sums to invest and wanted to get involved in the ambitious project.
III. JOSHUA PUGH’S DIRECT LINK TO HALCYON RETREAT
The LinkedIn Post: Smoking Gun Evidence
The Hindenburg Papers has obtained direct evidence linking Joshua Pugh to the Halcyon Retreat scheme. In a LinkedIn post dated October 2024, Pugh wrote:
“Freehold Title Deed properties now available at the breathtaking Wyndham Halcyon Retreat. Bulk deals considered for a one-line takeout. This is a trophy investment opportunity for some and a source of passive income for others. Whatever the motivation of you or your clients; owning a property in the stunning natural landscape of Limousin with fixed returns and assured exit strategies is a choice that checks all the boxes.”
The post is accompanied by hashtags including #RealEstate, #InvestmentOpportunity, #OffPlanInvestment, #OffPlanProperty, #OverseasProperty, and #PropertyInvestment.
This is not a casual mention—it is a direct promotion of the very scheme that has now been exposed as a €16 million fraud. Pugh was actively marketing the Wyndham Halcyon Retreat to his professional network, promising “fixed returns and assured exit strategies”—the same false promises that lured hundreds of investors into the scam.
The Wyndham Halcyon Retreat
The Wyndham Halcyon Retreat—the entity Pugh was promoting—is the same development at the centre of the French fraud investigation. Spread upon nearly 300 acres of French countryside, it offered 346 luxury French holiday homes. The development was marketed as a “rare blend of upscale amenities, world-class leisure facilities, and full property management”.
French media reports confirm that the two British men behind the scheme bought the château for €2.5 million and created brochures showing a planned luxury golf and spa retreat—the Halcyon Retreat and Golf Spa—complete with private chalets in the woods.
Pugh’s LinkedIn post promoting this exact development places him squarely within the network of individuals who were marketing the scheme to investors.
The Combe Grove Connection
Pugh’s LinkedIn profile and other professional listings connect him to Combe Grove, the wellness retreat near Bath. The Combe Grove estate is owned by The Elmhurst Foundation, a charity with the ambition to transform Combe Grove into a centre for Wellness and Learning.
Pugh’s association with Combe Grove raises serious questions. How did someone connected to a massive property fraud become involved with a respected wellness retreat? What due diligence was conducted before Pugh was brought on board?
IV. THE VICTIMS: Real People, Real Losses
The human cost of the Halcyon Retreat fraud is devastating.
Mikael Bellec: “All My Hopes and Dreams Shattered”
Mikael Bellec, 48, a French national who spent most of his career working in the UK, invested €59,000 in the château with a supposed return of eight percent and the option for a buy-back. The money was supposed to finance his cooking business.
“I feel I have been left with nothing – all my hopes and dreams shattered and everything turned to shit,” he told The Local.
“I have no pension in France, because I worked abroad almost all my life, so I have not paid into the French pension system, and although I had a pension pot in the UK that was administered by a private firm, which lost around €40,000, so now I have nothing.”
“The plan was to set up the cooking business to give me some income now and also provide me with a retirement. I’m absolutely gutted, this is a huge sum of money for me – I’m not someone who is made of money.”
Lisa Johnson: Investing in Her Children’s Future
Lisa Johnson invested in a one-bedroom apartment in the Halcyon Retreat “Holiday Village” in 2021. Just 10 years earlier, she was struggling to make ends meet and going through a divorce while caring for her toddler twins. Through building up her business, she eradicated her debts and started turning a serious profit.
“I saw this as investing in my kids’ future, somewhere that would earn money, and would give them opportunities too. I thought they’d have a great chance, that I didn’t have,” she said.
For €280,000 (£243,000) , she was given the chance to buy the apartment. She was told she would receive rental returns of 6% of the purchase price a year for the first five years, and 8% for the five years after that.
She received some returns during the first couple of years, totalling about £40,000-50,000. Soon after, payment deadlines came and went. She was told of building delays, and wanted to pull out. After a final payment of some €15,000, communication dried up.
The Scale of the Fraud
These are just two of hundreds of investors who are left looking for answers—and their money back. Many described being treated to free stays at the château and dinner in the restaurant as part of the sales pitch. Trustpilot reviews for Halcyon Retreat include many one-star ratings, with investors feeling “duped” by the owners, whom they label “crooks”, and claiming the scheme is a “scam”.
V. THE ARREST: Robin Barrasford Captured in Spain
On May 4, 2026, French authorities announced that Robin Barrasford had been arrested in Spain. The warrant was issued by French law enforcement and is as yet unconnected with any UK investigation.
Barrasford, a former British police officer, is one of the directors linked to the Halcyon Retreat scheme. France has requested Barrasford’s extradition.
A Facebook post from a group monitoring the case noted:
“It’s official: Robin Barrasford has been arrested in Spain following a warrant… This is obviously a significant development and may prove to be influential in helping to secure reimbursements for investors in Halcyon Retreat.”
However, the post also warned:
“It is highly likely that the millions stolen from investors has been hidden away and out of the reach of any litigation against Robin Barrasford himself.”
Barrasford had been appointed as a director of 23 companies and resigned from 15 of these appointments. His business partner is still at large.
VI. COMBE GROVE: A Wellness Retreat Under a Shadow
The Estate
Combe Grove is a Grade II-listed 18th-century manor house set within 70 acres of woodland just outside the UNESCO World Heritage City of Bath. It is presented as a “pioneering Metabolic Health Centre where luxury is redefined through stillness, nature and evidence-based wellbeing”.
The estate is owned by The Elmhurst Foundation, a charity with three core objectives: to promote and expand knowledge in the fields of health and wellbeing, to provide high-quality enhanced apprenticeships, and to share facilities and expertise for the benefit of the community.
The Concerns
The Hindenburg Papers investigation has uncovered troubling signs about Combe Grove’s operations. A former manager posted on Indeed:
“Chaotic workplace with constant threats of redundancy and panic… Don’t be fooled by the spiel. This place is a disaster! If you want to maintain your health and well-being avoid! I worked there for several years in management and saw many good people leave embittered and broken by their experience.”
The fact that Joshua Pugh—a promoter of the Halcyon Retreat fraud—is associated with Combe Grove raises even more serious questions. How did someone with such a clear connection to a massive property scam become involved with a respected wellness retreat?
The Elmhurst Foundation Connection
The Elmhurst Foundation, which owns Combe Grove, is registered as a private limited company by guarantee without share capital. The foundation’s registered office address is Combe Grove itself.
The foundation’s leadership and governance structures are not fully transparent. The question of who approved Pugh’s involvement and what due diligence was conducted remains unanswered.
VII. THE CONNECTIONS: Mapping the Network
The Direct Link
Joshua Pugh → Wyndham Halcyon Retreat (promoted on LinkedIn in October 2024)
The Fraud Network
Halcyon Retreat → Robin Barrasford (arrested in Spain, May 2026)
Halcyon Retreat → €16 million in investor funds funnelled offshore
Halcyon Retreat → Hundreds of investors left with nothing
The Combe Grove Connection
Joshua Pugh → Combe Grove (professional association)
Combe Grove → The Elmhurst Foundation (owner)
The Elmhurst Foundation → Charitable status (raising questions about governance)
The Broader Pattern
This is not an isolated case. The Hindenburg Papers investigation has previously exposed the Hunter Jones Group’s role in mis-selling investment schemes【see previous investigation】. The pattern is consistent:
- Polished branding and professional appearances create an illusion of legitimacy
- Complex investment products are marketed to unsuspecting investors
- Risks are downplayed and returns are overstated
- Investors lose life-changing sums when the schemes collapse
- The perpetrators either flee or face arrest
VIII. THE SYSTEMIC FAILURE: How Did This Happen?
The Regulatory Gaps
The Halcyon Retreat fraud exposes deep, systemic failures in cross-border investment regulation. The scheme operated across multiple jurisdictions—the UK, France, and Spain—making it difficult for any single regulator to track.
The Lack of Due Diligence
The fact that Joshua Pugh was able to promote the Halcyon Retreat scheme on LinkedIn without any apparent oversight raises questions about professional standards. What checks were conducted before Pugh was allowed to market such a scheme?
The Combe Grove Question
If Pugh is indeed associated with Combe Grove, what due diligence was conducted by The Elmhurst Foundation? How did someone with such a clear connection to a massive property fraud become involved with a respected wellness retreat?
The Investor Protection Gap
The investors in Halcyon Retreat were primarily private individuals—many of them British retirees or small business owners. They were not sophisticated investors who could assess the risks of such a scheme. They trusted the glossy brochures, the professional presentations, and the promise of returns.
IX. THE AFTERMATH: Investigations and Accountability
The French Investigation
The French fraud squad, assisted by Europol, continues to investigate the Halcyon Retreat scheme. The Bordeaux prosecutor Renaud Gaudeul confirmed that investigators travelled to London and Marbella in Spain.
The UK Investigation
Devon and Cornwall Police, where Halcyon Retreat UK was registered, confirmed it was investigating too, having received close to a dozen reports of alleged fraud “relating to property investments linked to a former Tavistock-based company”.
The Extradition
Robin Barrasford is now in custody awaiting extradition back to France. His business partner is still being sought.
The Victims’ Quest for Justice
For the hundreds of investors who lost their savings, the arrests and investigations offer some hope of justice—but little prospect of recovering their money. As the Facebook post noted, “the millions stolen from investors has been hidden away and out of the reach of any litigation”.
X. CONCLUSION: The Price of Greed
The Halcyon Retreat fraud is a story of greed, deception, and shattered dreams. Hundreds of investors—from Mikael Bellec, who lost his retirement dreams, to Lisa Johnson, who invested in her children’s future—have been left with nothing.
At the centre of this web stands Joshua Pugh, who actively promoted the Wyndham Halcyon Retreat on LinkedIn, promising “fixed returns and assured exit strategies”. Pugh’s association with Combe Grove—a respected wellness retreat near Bath—raises urgent questions about due diligence and governance.
The Hindenburg Papers investigation has exposed the connections between Pugh, Halcyon Retreat, and Combe Grove. But many questions remain unanswered:
- What was Pugh’s exact role in the Halcyon Retreat scheme?
- Did he receive commissions for the investors he brought in?
- How did he become associated with Combe Grove?
- What due diligence was conducted by The Elmhurst Foundation?
The arrest of Robin Barrasford is a significant development. But for the hundreds of investors who lost their savings, justice will never fully be served. The money has been funnelled offshore, and the chances of recovery are slim.
The question now is: how many more Joshua Pughs are out there, hiding behind polished LinkedIn profiles and professional appearances, preying on the trust of unsuspecting investors? The Hindenburg Papers investigation suggests that the answer is far too many.
If you or someone you know has lost money investing in the Halcyon Retreat or any associated scheme, please contact the Hindenburg Papers or a qualified legal professional to explore your options.
For Part II of this investigation, we will examine the broader pattern of property investment fraud in France and the regulatory failures that have allowed these schemes to flourish.
