Covid conman lied about £1m company to get his hands on £50K government cash
A construction boss who lied about having a £1million firm to bag a £50k government covid loan has been banned from running companies for 11 years.
A probe found Jamie Rowatt - whose other company left families tens of thousands out of pocket after pulling out of the sale of several homes - had abused the Covid bounce back loan scheme aimed to help businesses through the pandemic.
The Insolvency Service said the 46-year-old, who splits his time between North Lanarkshire and Spain, claimed KR Clyde Valley's turnover was a whopping £1,000,000 when it was actually zero.
The Coatbridge firm, which is now in liquidation, then transferred more than £40,000 in three payments - to a shareholder, Rowatt and a connected company.
The ban comes just three months after the businessman, who has been linked to dozens of firms on Companies House, was ordered by a court to pay former business partners £270,000 for breaching the terms on an investment deal.
Neil North, Chief Investigator at the Insolvency Service, said: 'Jamie Rowatt secured a maximum-value £50,000 Bounce Back Loan for KR Clyde Valley Ltd by falsely claiming an estimated annual turnover of £1 million. In reality, the company was dormant and had no turnover.
'Within days of receiving the funds, £35,000 was transferred to a shareholder, £4,000 to Rowatt himself, and later £4,400 to a connected company - none of which were for the economic benefit of the business as required under the terms of the scheme.
'The position of company director carries significant responsibilities that must be taken seriously.
'Rowatt's conduct disregarded these obligations which is why he is banned from directing any company until June 2036.'
In March, our sister paper the Paisley Daily Express revealed how families owed tens of thousands of pounds from another of Rowatt's firms had still not received their money almost four years after it pulled out of the sale of five homes.
KR Construction pulled the missives from the potential buyers of its Broadlie Road homes in Neilston in 2022.
Having paid a deposit of £2,000 each and in the region of £7,000 to £9,000 for kitchens and fixtures, each household was told their cash would not be returned until the homes were sold due to financial difficulties.
Alternatively, they could continue with a purchase for each home but pay an additional £40,000 which they did not agree to.
Dad-of-two Tom Farmer, who handed over £11,5000 to secure a home for him and his children, said he desperately needed the money back.
Mum Julie Nicol told in 2023 how she handed over a total of £9,000 in 2021. After a series of delays she, like Tom, was told the sale would not proceed at her agreed £220,000 price.
Four years later she had also not received any of her money back.
In February 2023, the firm had stated that rising interest rates, the pandemic and rising costs for materials meant it was 'not in a good financial position' but would seek to repay clients on completion of the project and each house sale.
Mr Farmer said he was pursuing legal action against KR Construction, a sister firm of parent company Kingston Residential Investments Ltd which, according to Companies House, was also directed by Rowatt and is now in administration.
A recent civil court judgement, published in March this year, also stated that Rowatt and his wife Laura, who split their time between Airdrie and Spain, must pay out £270,000 to two business partners they had struck up a friendship with.
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A judge found the Rowatts and their firm Kingston Residential Investments Ltd had breached a contract that would see the couple receive a property and £40,000 cash in return for an investment.
That contract was never fulfilled.
Sheriff Derek Livingston ruled that the sum should be paid to the couple by the Rowatts for breach of contract.
Back in 2007, our other sister paper The Sunday Mail told how unhappy customers were queing up to slate another of Rowatt's firms, Ace Maintenance, saying they had botched jobs, flood homes, inflated prices and delivered appalling customer service.
Ace were being probed by Trading Standards after clocking up more than 100 complaints.
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