Amount applied for did not reflect actual sales

Co-directors barred over BBL

Investigators discovered the company had made false and misleading statements
Insolvency Service stated a BBL “of at most £6,759” would have been valid

Two co-directors of a branding and signage business have been disqualified for abusing the Bounce Back Loan scheme.

Kieran Liam Colwell and Kamil Robert Adamczyk were directors of Quince Brands Ltd, which was based in Holt Heath in Worcestershire.

The Insolvency Service report into their actions stated that Colwell applied for a £25,000 Bounce Back Loan (BBL) “when he knew or ought to have known that a wrongful declaration was made by overestimating Quince Brands’ turnover”.

The taxpayer-backed BBL scheme was devised to help small businesses make it through the impact of the Covid-19 pandemic with loan from £2,000 to £50,000 available.

Quince Brands was incorporated on 17 September 2019 and began trading between October and December of that year.

Analysis of bank statements showed that its first sales income was received on 6 December 2019.

Between that date and 05 June 2020 Quince Brands received sales income of just under £9,176.

On 4 June 2020, Colwell applied for a BBL of £25,000 on behalf of Quince Brands. He declared that its estimated annual turnover was £100,000.

However, in the period to 5 December 2020 Quince Brands received £27,035, which would have entitled it to a BBL “of at most £6,759”, the Insolvency Service stated.

As a result of his conduct Colwell has been disqualified from being a director for nine years. His month of birth is March 1996 and his last known address was on Patterdale Drive in Worcester.

Adamczyk has been disqualified for five years. His month of birth is April 1994 and his last known address was on Trefoil Close in Worcester.

Quince Brands went into voluntary liquidation on 4 April 2022. The firm had liabilities of £29,722 of which £23,530 related to the amount owed for the BBL.