Tuesday 8th December, 2015

David Marsh, the Finance Director of Euromix Concrete Limited, has been disqualified for eight years for misuse of an invoice discounting facility involving concealed bank accounts.

The disqualification, effective from 20th November 2015, prevents Mr Marsh from directly or indirectly becoming involved in the promotion, formation or management of a company for eight years.

The fraud was discovered when the funders of the Invoice Discounting Agreement became aware of discrepancies during an audit in March 2013.

It then became apparent that Mr Marsh had claimed funds for non-existent invoices and claimed to have made payments to the Invoice discounters when no cheques were actually banked or were banked at a later date.

As a result, Euromix obtained increased factoring funding and cash flow and built up a deficiency to the factors of approximately £500,000.

Following the discovery, Mr Marsh was removed from Euromix and an interim finance director was appointed who continued trade up to the date of Administration.

Euromix fell into administration in December 2013, following this Lafarge Tarmac group rescued the company April 2014.

Marsh, also admitted that he under-declared the number of staff employed or paid by Euromix in the employer annual return.

Rob Clarke, Group Leader of Insolvent Investigations North, part of the Insolvency Service, said,"This disqualification should demonstrate to company directors that the Insolvency Service will investigate all forms of misconduct, no matter how complicated the evidence and that we will act to disqualify."

"This was a complicated and well concealed fraud where the Insolvency Service worked closely with the Insolvency Practitioner to identify and evidence exactly what had happened and the scale of the fraud."