Dragon's Den star & gold medal-winning athlete took out £100k in fraud loans despite £75k show investment
STAR JAILED Dragon's Den star & gold medal-winning athlete took out £100k in fraud loans despite £75k show investment
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A DRAGON'S Den winner and former Team GB gold medallist fraudulently used Covid loans to buy himself a £1.8million mansion.
Rick Beardsell illegally pocketed £100,000 worth of taxpayers cash to purchase his home - despite receiving a £75,000 investment during his stint on the BBC show.
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Beardsell received £75,000 in investments after appearing on Dragon's Den
Credit: Cavendish
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The British world sprinting champion illegally pocketed two Covid Bounce Back business loans to buy himself a £1.8m mansion
Credit: Cavendish
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Beardsell was only entitled to apply for one loan worth £50,000, but fraudulently applied for two
Credit: Cavendish
The 46-year-old fiddled two Covid Bounce Back loans to buy himself five-bed Holly House in the exclusive village of Prestbury, Cheshire.
Dad-of-two Beardsell was only entitled to apply for one loan worth £50,000, but fraudulently applied for two and greatly exaggerated his annual turnover by up to 23 times.
It came after the world champion sprinter had successfully secured investments from TV Dragons Tej Lalvani and Deborah Meaden for his successful protein shake bottle business, ShakeSphere.
Chester Crown Court heard he applied for the loan to prop up his other company, Sports Creative Ltd, but none of the money went towards the sportswear business.
Prosecutor Geoff Whealan told the court Beardsell made the fraudulent applications to HSBC in December 2020 and then to NatWest in January 2021.
He said: ''The defendant stated on the HSBC form that the turnover of Sports Creative was £485,000 and on the NatWest form said it was £320,000.
"But unaudited financial statements showed turnover for the year end February 2020 was £20,622.
''The turnover was clearly exaggerated to secure the maximum bounce back loan.
"Subsequent transactions showed the bounce back loan funds were not being used for the economic benefit or business purposes of Sports Creative at this time.''
The money arrived in Sports Creative's account in January 2021, but then almost £400,000 was transferred to Beardsell's personal Santander account in the space of six months.
Then £431,160.80, including the remaining bounce back loan funds, was transferred to a firm of solicitors for the purchase of Holly House he bought with his wife Ezster.
Mr Whelan added: ''In effect the bounce back loan funds had been used for this purchase.
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"It can be inferred from the defendant's conduct that it was his intention to use the bounce back loans for this purpose at the time he made the application for it."
Beardsell, who won two World Records for sprinting, faced three years in jail after he admitted two charges of fraud.
In October 2024, he attended an interview under caution at the Insolvency Services offices.
In a statement he said: ''The guidance pertaining to Bounce Back Loans indicated that the proceeds of such loans may be utilised for any purpose that yields a direct benefit to the company.
''At that juncture, I sought professional advice and was advised that such purposes include, but are not limited to, the coverage of overhead expenses or outstanding liabilities, as well as the investment in company assets or property.
"The funds that were transferred to my personal account constituted a director's loan and other economical overheads for the business.''
Mitigating, his counsel Nichola Cafferkey explained that the loans had been repaid in full to the banks.
She said: ''The loss of his good character is of some significance in respect of a man who has dedicated his life to his family, his professional entities and also his sporting endeavours.
"These offences were out of character and were committed four years ago.
"He has taken responsibility and repaid the money back. He knows that it's his own fault.
"He has brought shame on his family and brought shame on himself.
''His wife is also his business partner and concerns that they have had about the ability to provide financially for their young children have been significant."
The court also heard that Beardsell had suffered a series of medical issues both before and after securing the loans.
Ms Cafferkey continued: "A year prior to the submission of the first loan application, the defendant was diagnosed with an aggressive form of testicular cancer and required surgery and extensive chemotherapy.
"The chemotherapy was successful but led to some significant side effects.
''One of those being vertigo, of which he had a severe episode which required hospitalisation and thereafter there are ongoing long-term issues as a result of that.
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Beardsell was sentenced to 18 months in prison, suspended for two years
Credit: Cavendish
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Hundreds of thousands of pounds were transferred to a firm of solicitors for the purchase of Holly House
Credit: Cavendish
"The investigations brought on by the defendant's own actions has had an impact on his family which has led to a situation where he has been experiencing significant stress over the past few years.
"On top of that there are ongoing knee pains associated with his athletic success at national and international level.
"He has been running a business for many years without issue and it is plain he is extremely remorseful and regretful for his actions.
"The impact on his wife's physical health in terms of stress and strain has been significant. There has been significant weight loss and insomnia.
"This will be the only time that Richard Beardsell appears before the court."
Beardsell was sentenced to 18 months in prison, suspended for two years.
He was also ordered to complete 250 hours of unpaid work and pay costs of £11,142.70.
Judge Simon Berkson told Beardsell: "You fraudulently lied and lied again in your applications for these loans.
"They were supposed to be for use in keeping your business running but the money was used for your own personal needs and the needs of your family.
"This is not a victimless crime. The government was trying to help struggling businesses at the time of national crisis.
"People were in lock down, people were dying and people were very ill at the time when people required their public services.
"You used fraudulently obtained public funds for your own use, depriving honest people of the scheme's funds when the country was in crisis.
"You are a generally successful man both in business and in sports, particularly your involvement with athletics.
"You continue to run your business and it was on the TV programme Dragons' Den.
"You are a married person with two children and they are young children. You have survived an aggressive form of cancer.
"I have concluded that an immediate custodial sentence would have a significant harmful impact on your wife and children.''
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