Express & Star

Barber shop director who inflated business' figures to claim loan gets lengthy ban

A company director who breached the terms of the Bounce Back Loans (BBL) scheme has been disqualified for nine years.

The director of the barbers has been disqualified

The Insolvency Service has banned Anastasia Loizou, aged 49, of Little Nicks Barbers 2, High Street, Brownhills, from being a director after her shop received an inflated loan.

Mrs Loizou was found to have caused the barber shop to overstate its turnover on its application for a loan.

It received a BBL of £50,000 when she knew or ought to have known that it was not eligible for a loan of that amount.

Under the BBL scheme businesses could apply for a loan of between £2,000 and £50,000 subject to a maximum of up to 25 per cent of turnover.

The turnover figure was self-certified by the applicant.

Her application suggested turnover of £300,000, and on May 7, 2020 the shop received the £50,000.

Little Nicks Barbers 2’s accounts for the year ended March 31, 2019 disclosed turnover of £67,193 and for the year to March 31, 2020 were £61,659.

Based on LNB2’s accounts for the 2018-2019 it was only eligible to apply for a BBL of a maximum of £16,799.

Total liabilities at liquidation of the business were £71,805, including £46,969 in respect of the BBL obtained.

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