MR ROBERT JAMES SMITH

Disqualified from

2025-06-25

Date of birth on record

December 1967

On 9 May 2020, Mr Robert James Smith (Mr Smith) caused Grand Slam Search Limited (Grand Slam) to obtain a government-backed Bounce Back Loan (BBL) of £50,000 by providing inaccurate information regarding its turnover figure which resulted in Grand Slam obtaining more BBL funds than it was entitled to. In addition, Mr Smith failed to evidence that the proceeds of the loan were used in their entirety for the economic benefit of the business as was required by the BBL scheme. In that: Obtaining the BBL • The BBL scheme permitted a loan of up to 25% of a business’ turnover in the 2019 calendar year or estimated turnover if it had been established after 01 January 2019. • Grand Slam was incorporated on 04 August 2006 and started trading in 2007 as confirmed in the report to the creditors. As Grand Slam commenced trading before 01 January 2019, it was required to detail its actual turnover in the calendar year 2019 in the BBL application. • An analysis of the bank account statements confirms that the total income for Grand Slam for 2019 was £70,577. • The BBL application was completed by Mr Smith on 09 May 2020. Within the BBL application, Mr Smith self-declared that the actual turnover of Grand Slam in the calendar year 2019 was £220,000. • Based on a maximum 2019 turnover figure of £70,577 and under the terms of the BBL scheme, Grand Slam was entitled to a BBL of no more than £17,644. • Grand Slam received at least £32,356 more than it was entitled too. Use of the BBL • Anyone applying for a BBL on behalf of a business was required to declare that it would only use the loan to provide economic benefit to that business and not for personal use. • Grand Slam obtained a BBL of £50,000 on 18 May 2020. • Prior to the BBL being received, the company bank account had an overdrawn balance of £16,123. So, the first part of the BBL was used to clear that balance. • Following receipt of the BBL, Grand Slam transferred the following sums to Mr Smith: o £18,510 on 19 May 2020; and o £19,400 on 19 May 2020. • The second transfer caused an overdraft on the company’s bank account of £4,033. • Mr Smith has stated that the funds were transferred to him to pay the outstanding sums on credit cards that were in his name but for charges on behalf of the company. No documentary evidence to support that explanation has been delivered-up by Mr Smith. • It remains unclear how the funds of at least £33,877 were utilised for the economic benefit of the business. Outstanding BBL The outstanding balance of the BBL at liquidation was £50,635.29.