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The Irish Sun
6 days ago
- Business
- The Irish Sun
Dragon's Den star & gold medal-winning athlete took out £100k in fraud loans despite £75k show investment
A DRAGON'S Den winner and former Team GB gold medallist fraudulently used Covid loans to buy himself a £1.8million mansion. Rick Beardsell illegally pocketed £100,000 worth of taxpayers cash to purchase his home - despite receiving a £75,000 investment during his stint on the BBC show. 6 Beardsell received £75,000 in investments after appearing on Dragon's Den Credit: Cavendish 6 The British world sprinting champion illegally pocketed two Covid Bounce Back business loans to buy himself a £1.8m mansion Credit: Cavendish 6 Beardsell was only entitled to apply for one loan worth £50,000, but fraudulently applied for two Credit: Cavendish The 46-year-old fiddled two Covid Bounce Back loans to buy himself five-bed Holly House in the exclusive village of Prestbury, Cheshire. Dad-of-two Beardsell was only entitled to apply for one loan worth £50,000, but fraudulently applied for two and greatly exaggerated his annual turnover by up to 23 times. It came after the world champion sprinter had successfully secured investments from TV Dragons Tej Lalvani and Deborah Meaden for his successful protein shake bottle business , ShakeSphere. Chester Crown Court heard he applied for the loan to prop up his other company, Sports Creative Ltd, but none of the money went towards the sportswear business. Read more in TV Prosecutor Geoff Whealan told the court Beardsell made the fraudulent applications to HSBC in December 2020 and then to NatWest in January 2021. He said: ''The defendant stated on the HSBC form that the turnover of Sports Creative was £485,000 and on the NatWest form said it was £320,000. "But unaudited financial statements showed turnover for the year end February 2020 was £20,622. ''The turnover was clearly exaggerated to secure the maximum bounce back loan. Most read in News TV "Subsequent transactions showed the bounce back loan funds were not being used for the economic benefit or business purposes of Sports Creative at this time.'' The money arrived in Sports Creative's account in January 2021, but then almost £400,000 was transferred to Beardsell's personal Santander account in the space of six months. Then £431,160.80, including the remaining bounce back loan funds, was transferred to a firm of solicitors for the purchase of Holly House he bought with his wife Ezster. Mr Whelan added: ''In effect the bounce back loan funds had been used for this purchase. Shocking moment Dragons' Den winner Ross Mendham smashes £100k Ferrari after ploughing into bike racks in city centre "It can be inferred from the defendant's conduct that it was his intention to use the bounce back loans for this purpose at the time he made the application for it." Beardsell, who won two World Records for sprinting, faced three years in jail after he admitted two charges of fraud. In October 2024, he attended an interview under caution at the Insolvency Services offices. In a statement he said: ''The guidance pertaining to Bounce Back Loans indicated that the proceeds of such loans may be utilised for any purpose that yields a direct benefit to the company. ''At that juncture, I sought professional advice and was advised that such purposes include, but are not limited to, the coverage of overhead expenses or outstanding liabilities, as well as the investment in company assets or property. "The funds that were transferred to my personal account constituted a director's loan and other economical overheads for the business.'' Mitigating, his counsel Nichola Cafferkey explained that the loans had been repaid in full to the banks. She said: ''The loss of his good character is of some significance in respect of a man who has dedicated his life to his family, his professional entities and also his sporting endeavours. "These offences were out of character and were committed four years ago. "He has taken responsibility and repaid the money back. He knows that it's his own fault. "He has brought shame on his family and brought shame on himself. ''His wife is also his business partner and concerns that they have had about the ability to provide financially for their young children have been significant." The court also heard that Beardsell had suffered a series of medical issues both before and after securing the loans. Ms Cafferkey continued: "A year prior to the submission of the first loan application, the defendant was diagnosed with an aggressive form of testicular cancer and required surgery and extensive chemotherapy. "The chemotherapy was successful but led to some significant side effects. ''One of those being vertigo, of which he had a severe episode which required hospitalisation and thereafter there are ongoing long-term issues as a result of that. 6 Beardsell was sentenced to 18 months in prison, suspended for two years Credit: Cavendish 6 Hundreds of thousands of pounds were transferred to a firm of solicitors for the purchase of Holly House Credit: Cavendish "The investigations brought on by the defendant's own actions has had an impact on his family which has led to a situation where he has been experiencing significant stress over the past few years. "On top of that there are ongoing knee pains associated with his athletic success at national and international level. "He has been running a business for many years without issue and it is plain he is extremely remorseful and regretful for his actions. "The impact on his wife's physical health in terms of stress and strain has been significant. There has been significant weight loss and insomnia. "This will be the only time that Richard Beardsell appears before the court." Beardsell was sentenced to 18 months in prison, suspended for two years. He was also ordered to complete 250 hours of unpaid work and pay costs of £11,142.70. Judge Simon Berkson told Beardsell: "You fraudulently lied and lied again in your applications for these loans. "They were supposed to be for use in keeping your business running but the money was used for your own personal needs and the needs of your family. "This is not a victimless crime. The government was trying to help struggling businesses at the time of national crisis. "People were in lock down, people were dying and people were very ill at the time when people required their public services. "You used fraudulently obtained public funds for your own use, depriving honest people of the scheme's funds when the country was in crisis. "You are a generally successful man both in business and in sports, particularly your involvement with athletics. "You continue to run your business and it was on the TV programme Dragons' Den. "You are a married person with two children and they are young children. You have survived an aggressive form of cancer. "I have concluded that an immediate custodial sentence would have a significant harmful impact on your wife and children.'' 6 He was ordered to complete 250 hours of unpaid work and pay costs of £11,142.70 Credit: Cavendish
Scottish Sun
6 days ago
- Business
- Scottish Sun
Dragon's Den star & gold medal-winning athlete took out £100k in fraud loans despite £75k show investment
None of the money he applied for went towards his business STAR JAILED Dragon's Den star & gold medal-winning athlete took out £100k in fraud loans despite £75k show investment Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A DRAGON'S Den winner and former Team GB gold medallist fraudulently used Covid loans to buy himself a £1.8million mansion. Rick Beardsell illegally pocketed £100,000 worth of taxpayers cash to purchase his home - despite receiving a £75,000 investment during his stint on the BBC show. Sign up for the Entertainment newsletter Sign up 6 Beardsell received £75,000 in investments after appearing on Dragon's Den Credit: Cavendish 6 The British world sprinting champion illegally pocketed two Covid Bounce Back business loans to buy himself a £1.8m mansion Credit: Cavendish 6 Beardsell was only entitled to apply for one loan worth £50,000, but fraudulently applied for two Credit: Cavendish The 46-year-old fiddled two Covid Bounce Back loans to buy himself five-bed Holly House in the exclusive village of Prestbury, Cheshire. Dad-of-two Beardsell was only entitled to apply for one loan worth £50,000, but fraudulently applied for two and greatly exaggerated his annual turnover by up to 23 times. It came after the world champion sprinter had successfully secured investments from TV Dragons Tej Lalvani and Deborah Meaden for his successful protein shake bottle business, ShakeSphere. Chester Crown Court heard he applied for the loan to prop up his other company, Sports Creative Ltd, but none of the money went towards the sportswear business. Prosecutor Geoff Whealan told the court Beardsell made the fraudulent applications to HSBC in December 2020 and then to NatWest in January 2021. He said: ''The defendant stated on the HSBC form that the turnover of Sports Creative was £485,000 and on the NatWest form said it was £320,000. "But unaudited financial statements showed turnover for the year end February 2020 was £20,622. ''The turnover was clearly exaggerated to secure the maximum bounce back loan. "Subsequent transactions showed the bounce back loan funds were not being used for the economic benefit or business purposes of Sports Creative at this time.'' The money arrived in Sports Creative's account in January 2021, but then almost £400,000 was transferred to Beardsell's personal Santander account in the space of six months. Then £431,160.80, including the remaining bounce back loan funds, was transferred to a firm of solicitors for the purchase of Holly House he bought with his wife Ezster. Mr Whelan added: ''In effect the bounce back loan funds had been used for this purchase. Shocking moment Dragons' Den winner Ross Mendham smashes £100k Ferrari after ploughing into bike racks in city centre "It can be inferred from the defendant's conduct that it was his intention to use the bounce back loans for this purpose at the time he made the application for it." Beardsell, who won two World Records for sprinting, faced three years in jail after he admitted two charges of fraud. In October 2024, he attended an interview under caution at the Insolvency Services offices. In a statement he said: ''The guidance pertaining to Bounce Back Loans indicated that the proceeds of such loans may be utilised for any purpose that yields a direct benefit to the company. ''At that juncture, I sought professional advice and was advised that such purposes include, but are not limited to, the coverage of overhead expenses or outstanding liabilities, as well as the investment in company assets or property. "The funds that were transferred to my personal account constituted a director's loan and other economical overheads for the business.'' Mitigating, his counsel Nichola Cafferkey explained that the loans had been repaid in full to the banks. She said: ''The loss of his good character is of some significance in respect of a man who has dedicated his life to his family, his professional entities and also his sporting endeavours. "These offences were out of character and were committed four years ago. "He has taken responsibility and repaid the money back. He knows that it's his own fault. "He has brought shame on his family and brought shame on himself. ''His wife is also his business partner and concerns that they have had about the ability to provide financially for their young children have been significant." The court also heard that Beardsell had suffered a series of medical issues both before and after securing the loans. Ms Cafferkey continued: "A year prior to the submission of the first loan application, the defendant was diagnosed with an aggressive form of testicular cancer and required surgery and extensive chemotherapy. "The chemotherapy was successful but led to some significant side effects. ''One of those being vertigo, of which he had a severe episode which required hospitalisation and thereafter there are ongoing long-term issues as a result of that. 6 Beardsell was sentenced to 18 months in prison, suspended for two years Credit: Cavendish 6 Hundreds of thousands of pounds were transferred to a firm of solicitors for the purchase of Holly House Credit: Cavendish "The investigations brought on by the defendant's own actions has had an impact on his family which has led to a situation where he has been experiencing significant stress over the past few years. "On top of that there are ongoing knee pains associated with his athletic success at national and international level. "He has been running a business for many years without issue and it is plain he is extremely remorseful and regretful for his actions. "The impact on his wife's physical health in terms of stress and strain has been significant. There has been significant weight loss and insomnia. "This will be the only time that Richard Beardsell appears before the court." Beardsell was sentenced to 18 months in prison, suspended for two years. He was also ordered to complete 250 hours of unpaid work and pay costs of £11,142.70. Judge Simon Berkson told Beardsell: "You fraudulently lied and lied again in your applications for these loans. "They were supposed to be for use in keeping your business running but the money was used for your own personal needs and the needs of your family. "This is not a victimless crime. The government was trying to help struggling businesses at the time of national crisis. "People were in lock down, people were dying and people were very ill at the time when people required their public services. "You used fraudulently obtained public funds for your own use, depriving honest people of the scheme's funds when the country was in crisis. "You are a generally successful man both in business and in sports, particularly your involvement with athletics. "You continue to run your business and it was on the TV programme Dragons' Den. "You are a married person with two children and they are young children. You have survived an aggressive form of cancer. "I have concluded that an immediate custodial sentence would have a significant harmful impact on your wife and children.''
Daily Mirror
09-07-2025
- Business
- Daily Mirror
PM takes swipe at Covid 'grifters and con artists' after Reform MP quits
Keir Starmer said the Covid Counter Fraud Commissioner is investigating fraud in Covid bounceback loans, days after questions were raised about former Reform MP James McMurdock's business affairs Keir Starmer has vowed to go after "fraudsters, grifters and con artists" who exploited Covid support - days after a Reform MP was suspended over allegations he had done so. The PM said it was a "scandal" that the Tories had handed more than £1.4billion over in failed PPE contracts - and pledged tough action on bouceback loan fraud. He said those who acted dishonestly would be targeted "no matter who they are and where we find them". It comes after Reform MP James McMurdock was suspended after the Sunday Times reported there were questions about loans totalling tens of thousands of pounds. Mr McMurdock, the MP for South Basildon and East Thurrock, has since said he will not seek to return to Nigel Farage's party after taking legal advice. Labour backbencher John Slinger asked: "In light of recent events, can the Prime Minister update the House on the work of the Covid Corruption Commissioner and does he agree with my constituents... that there should be no place in public life for those who exploited the pandemic and defrauded the taxpayer to line their own pockets?" The PM gave a snappy response, stating: "My Honourable friend makes a powerful point and I hope it was heard on the benches opposite." He continued: "It is an absolute scandal that failed PPE contracts were handed out by the Conservatives, the taxpayer funds of £1.4billion. "We're focused on getting our money back. I can confirm the Commissioner is now investigatng fraud involving bounceback and business support loans. "We'll continue to go after the fraudsters, the grifters and the con artists no matter who they are and where we find them." In December Labour appointed Tom Hayhoe as Covid Counter-Fraud Commissioner with a brief to "use every means possible to recoup public money lost in pandemic-related fraud and contracts that have not delivered". The Sunday Times published a story on Saturday which alleged two businesses connected to Mr McMurdock took out Covid-19 loans totalling £70,000 during the pandemic, one of which had no employees. On Monday he said he "had a chance to take specialist legal advice from an expert in the relevant field" since the loans came to light. Writing on social media site X, he added: "In light of that advice, which is privileged and which I choose to keep private at this time, I have decided to continue my parliamentary career as an independent MP where I can focus 100% on the interests of my constituents." It left the party with just four sitting MPs, following the departure of Rupert Lowe earlier this year in a furious dispute with Mr Farage and the party's chairman Zia Yusuf. The Sunday Times reported allegations Mr McMurdock's firms, JAM Financial Ltd and Gym Live Health and Fitness Ltd, borrowed £70,000 in Covid Bounce Back loans in 2020, at the height of the pandemic. In 2020, it's claimed, JAM Financial - which had no employees until the pandemic - took a loan of £50,000 - the maximum available for medium-sized businesses. Mr McMurdoch transferred his shares in the firm to his mother and resigned as a director in 2021. Gym Live, which was dormant until January 2021, borrowed £20,000 over the same year. Both firms were in the process of being struck off the Companies House register - but on the same day in February 2023 the move was halted after the regulator received an objection from a third party, according to the Sunday Times. In a statement at the weekend, Reform chief whip Lee Anderson wrote: "I have today received a call from James McMurdock who has advised me, as Chief Whip, that he has removed the party whip from himself pending the outcome of an investigation into allegations that are likely to be published by a national newspaper." He added: "The allegations relate to business propriety during the pandemic and before he became an MP. At Reform UK we take these matters very seriously and James has agreed to cooperate in full with any investigation.
Daily Record
08-07-2025
- Business
- Daily Record
Reform UK MP quits Nigel Farage's party after taking 'specialist legal advice'
James McMurdock removed the party from himself last week due to questions over business propriety. An MP who 'suspended himself' from Reform UK over questions related to Covid loans has now left Nigel Farage's party. James McMurdock, the MP for South Basildon and East Thurrock "removed the party whip from himself" last week pending the outcome of a probe into allegations around "business propriety during the pandemic". The Sunday Times published a story on Saturday which alleged two businesses connected to Mr McMurdock took out Covid-19 loans totalling £70,000 during the Covid-19 pandemic, one of which had no employees. Today, he said he "had a chance to take specialist legal advice from an expert in the relevant field" since the loans came to light. Writing on social media site X, he added: "In light of that advice, which is privileged and which I choose to keep private at this time, I have decided to continue my parliamentary career as an independent MP where I can focus 100% on the interests of my constituents." The move leaves the party with just four sitting MPs, following the departure of Rupert Lowe earlier this year in a furious dispute with Mr Farage and the party's chairman Zia Yusuf. The Sunday Times reported allegations Mr McMurdock's firms, JAM Financial Ltd and Gym Live Health and Fitness Ltd, borrowed £70,000 in Covid Bounce Back loans in 2020, at the height of the pandemic. In 2020, it's claimed, JAM Financial - which had no employees until the pandemic - took out a loan of £50,000 - the maximum available for medium-sized businesses. Mr McMurdoch transferred his shares in the firm to his mother and subsequently resigned as a director in 2021. Gym Live, which was dormant until January 2021, borrowed £20,000 in the same year. Both companies were in the process of being struck off the Companies House register - but on the same day in February 2023 the move was halted after the regulator received an objection from a third party, according to the Sunday Times. In his statement, Mr Anderson wrote: "I have today received a call from James McMurdock who has advised me, as Chief Whip, that he has removed the party whip from himself pending the outcome of an investigation into allegations that are likely to be published by a national newspaper." He added: "The allegations relate to business propriety during the pandemic and before he became an MP. At Reform UK we take these matters very seriously and James has agreed to cooperate in full with any investigation. We will not be commenting further at this moment." Mr McMurdock has not publicly commented on the suspension or allegations, but is reported to have told the Times to "be very careful". He was elected MP for South Basildon & East Thurrock after getting 98 more votes than the Tory Stephen Metcalfe in July's election. It later emerged he had served time in jail for repeatedly kicking his former girlfriend in 2006. James McMurdock had previously claimed he was sent to a young offenders' institution for "pushing" the victim on a drunken night out. However, court documents obtained by The Times reveal the reason given for his sentence was 'kicking to victim on around four times'. A sentencing report said the crime "requires immediate punishment", while a pre-sentence report suggested there was a "lack of willingness to comply". The victim's mum claimed the attack "left marks on her body" and said it took two security guards to pull Mr McMurdock off her. The assault happened at the end of a night out in 2006, and Mr McMurdock was sentenced to 21 days after admitting the attack. His conviction came to light when the victims' mother contacted the Daily Mail voicing her anger that he had been allowed to stand as an MP.
Daily Mirror
08-07-2025
- Business
- Daily Mirror
Reform UK MP quits Nigel Farage's party after taking 'specialist legal advice'
He will continue to sit in the Commons as an independent after questions about his businesses from before he was an MP An MP who 'suspended himself' from Reform UK over questions related to Covid loans has left Nigel Farage's party. James McMurdock, the MP for South Basildon and East Thurrock "removed the party whip from himself" last week pending the outcome of an investigation relating to allegations around "business propriety during the pandemic". The Sunday Times published a story on Saturday which alleged two businesses connected to Mr McMurdock took out Covid-19 loans totalling £70,000 during the pandemic, one of which had no employees. Today, he said he "had a chance to take specialist legal advice from an expert in the relevant field" since the loans came to light. Writing on social media site X, he added: "In light of that advice, which is privileged and which I choose to keep private at this time, I have decided to continue my parliamentary career as an independent MP where I can focus 100% on the interests of my constituents." It leaves the party with just four sitting MPs, following the departure of Rupert Lowe earlier this year in a furious dispute with Mr Farage and the party's chairman Zia Yusuf. The Sunday Times reported allegations Mr McMurdock's firms, JAM Financial Ltd and Gym Live Health and Fitness Ltd, borrowed £70,000 in Covid Bounce Back loans in 2020, at the height of the pandemic. In 2020, it's claimed, JAM Financial - which had no employees until the pandemic - took a loan of £50,000 - the maximum available for medium-sized businesses. Mr McMurdoch transferred his shares in the firm to his mother and resigned as a director in 2021. Gym Live, which was dormant until January 2021, borrowed £20,000 over the same year. Both firms were in the process of being struck off the Companies House register - but on the same day in February 2023 the move was halted after the regulator received an objection from a third party, according to the Sunday Times. In his statement, Mr Anderson wrote: "I have today received a call from James McMurdock who has advised me, as Chief Whip, that he has removed the party whip from himself pending the outcome of an investigation into allegations that are likely to be published by a national newspaper." He added: "The allegations relate to business propriety during the pandemic and before he became an MP. At Reform UK we take these matters very seriously and James has agreed to cooperate in full with any investigation. "We will not be commenting further at this moment." Mr McMurdock has not publicly commented on the suspension or allegations, but is reported to have told the Times to "be very careful". He was elected MP for South Basildon & East Thurrock after getting 98 more votes than Tory Stephen Metcalfe in July's election. It later emerged he had been jailed for repeatedly kicking his former girlfriend in 2006. James McMurdock had previously claimed he was sent to a young offenders' institution for "pushing" the victim on a drunken night out. But court documents obtained by The Times reveal the reason given for his sentence was 'kicking to victim on around four times'. A sentencing report said the crime "requires immediate punishment", while a pre-sentence report suggested there was a "lack of willingness to comply". The victim's mum claimed the attack "left marks on her body" and said it took two security guards to pull Mr McMurdock off her. When his conviction came to light shortly after the general election Mr McMurdock disputed the details and said some might see it as a "teenage indiscretion". The assault happened at the end of a night out in 2006. Mr McMurdock was sentenced to 21 days after admitting the attack. His conviction came to light when the victims' mother contacted the Daily Mail voicing her anger that he had been allowed to stand.
