The director of a plumbing and heating company has been banned for 11 years after fraudulently exaggerating his firm’s turnover to secure a Covid bounce back loan.
Carl Barnes, director of Central Plumbing & Heating Lincoln, exploited the scheme to claim a loan for £47,500, the Insolvency Service said yesterday (20 May).
An investigation by the agency found that Barnes had declared his company’s turnover in 2019 to be £340,000, despite no actual turnover for that year.
The company, based in Wavell Drive in Lincoln, made a modest profit in its first year of trading after being set up in 2016, but dormant accounts were filed by Barnes in the following years, the Insolvency Service said.
Central Plumbing & Heating Lincoln went into…
