MR George Arthur THOMAS

Disqualified from

2023-08-31

Date of birth on record

November 1975

On 22 June 2020 Mr George Thomas Georgiou (‘Mr Georgiou’) obtained a Government-backed Bounce Back Loan (‘BBL’) of £50,000 for Parthenon (London) Limited (‘PLL’) by providing false or knowingly inaccurate information regarding PLL’s turnover in 2019, thereby causing it to obtain £32,415 in BBL funding to which it was not entitled. Mr Georgiou has further failed to provide evidence that at least £36,674 of the BBL was used for the economic benefit of the business as required under the terms of the BBL scheme. In that: Obtaining a BBL The BBL scheme permitted a loan of up to 25% of a business’ turnover in the calendar year 2019 (or estimated turnover if it had been established after 01 January 2019), to a maximum of £50,000; PLL was incorporated in December 2015 and commenced trading in January 2016; Its bank statements record income of £70,342 in 2019 (excluding loans and transfers), which would have entitled PLL to a BBL of no more than £17,585; In June 2020 Mr Georgiou completed an application form for a BBL from PLL’s bank, self-certifying that its turnover in 2019 was £250,000 and requesting a loan of £50,000. Disbursal of the BBL The terms of the BBL scheme required the proceeds to be used solely for the economic benefit of the business; Immediately before the receipt of the BBL the bank account balance was £310; On 22 June 2020 the BBL was paid into PLL’s account; Between 22 June and 16 July 2020 other income of £4,016 was received, giving total funds available (excluding the BBL) of £4,326; Following this: £20,000 was paid to Mr Georgiou and his wife; £11,000 was withdrawn in cash; and £10,000 was paid to an associated company. Of these payments, £36,674 could not have been funded without the BBL; Mr Georgiou has provided no evidence that these payments were for the economic benefit of the business; At the liquidation date the full amount of the BBL remained outstanding.