Terms & Conditions


Except as set out below, references to “you”, “your” and “yours” are references to any person accessing this website (“the Website”).

References to “we”, “us” and “our” are references to TDR Capital LLP (“TDR”) or, when the context requires, funds managed by TDR.

The following Terms and Conditions (“the Terms and Conditions”) apply to your access to and use of this Website.

You are advised to read the Terms and Conditions carefully. By accessing this Website, you are deemed to have read and accepted the Terms and Conditions and agree to comply with them and any relevant regulatory restrictions governing the use of this Website. Please do not use the Website if you do not agree with them. We reserve the right to modify these Terms and Conditions at any time.

The material available on this Website is communicated by TDR. To the extent that material on this Website is directed at users in the United Kingdom, it is issued or approved by TDR.


This Website is not directed to, nor intended for distribution or use by any person or entity in any jurisdiction or country where the publication or availability of the information set out on this Website or such distribution or use would be contrary to local law or regulation. Any person or entity in such jurisdiction or country must not access this Website.
This Website is directed only at persons who (i) are outside the United Kingdom or (ii) are persons falling within Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (“Financial Promotion Order”), being persons who have professional experience in matters relating to investments or (iii) persons falling within Article 49 of the Financial Promotion Order, being persons who are larger companies, larger unincorporated associations, larger partnerships or high value trusts (all such persons together being referred to as “Relevant Persons”). Any information in this Website is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Persons of any other description in the United Kingdom may not receive and should not act or rely on any information in this Website.

Company information

TDR Capital LLP is registered in England & Wales with the registered number OC302604. Our registered office is 20 Bentinck Street, London W1U 2EU.

We are authorised and regulated by the Financial Conduct Authority with Firm Reference Number 216708. Our VAT Number is 809891584.

No offer or investment advice

Nothing in this Website constitutes or forms part of or shall be construed as or is intended to be construed as:

  • an offer or a solicitation of an offer to buy or sell any investments or securities in any jurisdiction or engage in any other transaction
  • an invitation, inducement or offer to any person to engage in any investment activity or to acquire, dispose of or underwrite any investments or securities or to exercise any rights conferred by such investments or securities or to receive any investment services or as a communication of such invitation, inducement or offer
  • any direct or indirect offering or placement, at our initiative or on our behalf, of units or shares of any funds managed or advised by us; and
  • an offer of solicitation in relation to any company included on this Website.

Nothing in this website constitutes, or is intended as, or shall be construed or is intended to be construed as financial, investment, legal, professional, tax or other advice and shall not be taken as such by any party receiving it or obtaining it through any other means.

No warranty

Whilst TDR uses reasonable efforts to obtain information from sources that it believes to be reliable, to the fullest extent permissible by applicable law, TDR does not make any representations or warranties (whether express or implied) as to the accuracy, reliability, timeliness or completeness of any of the information or opinions on the Website.

You should neither rely nor act upon any of the information or opinions contained in this Website and, if you do, it will be entirely at your own risk. The information contained in this Website may become outdated. You should seek to verify any information you obtain from this Website before you use it.

In particular, any forecast, opinion or expectation expressed on this Website may be materially different from any actual results, the value of investments may fall or rise and the past performance of the price of shares or other investments should not be relied upon as a guide to their future performance.

The contents and opinions on the Website are provided by TDR for your personal use and informational purposes only and are subject to change, modification or correction without notice. We reserve the right to suspend, discontinue or prevent your access to this Website without notice.

The information on the Website is provided on an “as is”, “as available” basis. The contents of this Website do not constitute financial, investment, legal, professional, tax or other advice and should not be used as a basis (or treated as a recommendation) for making an investment or other decision. You should always seek independent professional advice before making any investment decision.

No liability

To the fullest extent permitted by applicable law, we exclude all liability in any event for any direct, indirect, incidental, special or consequential damages, losses, costs or expenses of any nature whatsoever and howsoever arising out of or in connection with your viewing, use or reliance, or the performance, of the Website or its contents (whether in contract, tort (including negligence), breach of statutory duty or otherwise, even if foreseeable) and whether on our part or our agents or any other person or entity.

We do not exclude our duties or liabilities under the Financial Services and Markets Act 2000. If we are liable to you for any reason (other than our fraud or fraudulent misrepresentation, or death or personal injury arising from our negligence), our liability will be limited to £100.

Notwithstanding any other provision of these Terms and Conditions, we do not attempt to exclude or limit our liability for our fraud or fraudulent misrepresentation, or death or personal injury resulting from our negligence.

You are responsible for ensuring that your computer system meets all relevant technical specifications necessary to use the Website and is compatible with the Website. You also accept that TDR cannot and do not guarantee or warrant that any material available for downloading from the Website will be free from infection, viruses and/or other code that has contaminating or destructive properties.

You are responsible for taking sufficient precautions and performing virus checks (including anti-virus and other security checks) to satisfy your particular requirements for the accuracy of data input and output.

External sites & third parties

No third party is permitted to link any other website to this Website without obtaining our prior written consent.

We make no representations whatsoever about any other websites that you may access through this Website or which may link to this Website. When you access any other website you understand that it is independent from this Website, that you access such external sites at your own risk and that we have no control over and are not responsible for the content or availability of that website or for any services or products which may appear on it. In addition, a link to any other site does not mean that we endorse or accept any responsibility for the content, or the use of, such a website and we shall not be liable for any loss or damage caused or alleged to be caused by or in connection with use of or reliance on any content, goods or services available on or through any other web or resource.

Any concerns regarding any external website should be directed to its respective site administrator or web master.

Copyright & trade marks

The design of this Website and its contents are protected by international copyright laws and other intellectual property right laws. TDR, its affiliates or other third party licensors own copyright in the content of this Website, and trade marks used on this Website.

You may only print, copy, download or temporarily store one or more of the pages of this Website for your own personal non-commercial use for information purposes, provided that you may not remove any copyright or other proprietary notices contained on the Website, and you may not otherwise modify, link to, copy, reproduce (in whole or part), republish, upload, post, transmit or distribute, by any means or in any manner, any material or information on or downloaded from the Website including but not limited to text, graphics, video, messages, code and/or software without our prior written consent. No other use of the design or content of the Website is permitted.


We may assign or subcontract any or all of our rights and obligations under these terms and conditions.

We may alter these terms and conditions from time to time and post the new version on the Website, your use of the Website is subject to the then-current terms. Please check them regularly to ensure you are familiar with them.

If any provision or term of these Terms and Conditions shall become or be declared illegal, invalid or unenforceable for any reason whatsoever, such term or provision shall apply with whatever deletion or modification is necessary so that the provision is legal, valid and enforceable and gives effect to the commercial intention of the parties or, to the extent it is not possible to so delete or modify the provision, it shall to the extent that it is illegal, invalid or unenforceable be deemed not to form part of these Terms and Conditions and the legality, validity and enforceability of the remainder of these Terms and Conditions shall not be affected.

Any failure or delay by us enforcing an obligation or exercising a right, under this Agreement, does not amount to a waiver of that obligation or right or any other obligation or right.

You acknowledge that you have not accepted these Terms and Conditions in reliance on any statement or representation, except in so far as the representation has been incorporated into these Terms and Conditions. You irrevocably and unconditionally waive any right you may have to claim damages and/or to rescind these Terms and Conditions by reason of any misrepresentation (other than a fraudulent misrepresentation) not contained in these Terms and Conditions.
References in this website to Historical Investments refer to investments involving the Founding Partners whilst at DB Capital or Bankers Trust and not whilst they were at TDR.

Please do not send us any unsolicited confidential or proprietary material as we do not undertake any obligations of non-disclosure or non-use of material sent to us.

Governing law & Jurisdiction

Your use of this Website, including any transfer of information between it and your own equipment, and these Terms and Conditions, shall be governed in accordance with the laws of England and Wales and the courts of England and Wales shall have exclusive jurisdiction over any dispute arising out of your use of this Website.

This Website is under the control and operation of TDR from the UK. We make no representation that material on this Website is appropriate or available for use in other jurisdictions. Those who choose to access this Website from other jurisdictions do so on their own initiative and are responsible for compliance with local laws. For guidance relating to your specific situation you are advised to contact your local legal adviser.