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The Irish Sun
7 days ago
- Business
- The Irish Sun
Dragon's Den star & gold medal-winning athlete took out £100k in fraud loans despite £75k show investment
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. 6 Beardsell received £75,000 in investments after appearing on Dragon's Den Credit: Cavendish 6 The British world sprinting champion illegally pocketed two Covid Bounce Back business loans to buy himself a £1.8m mansion Credit: Cavendish 6 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. Read more in TV 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. Most read in News TV "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. Shocking moment Dragons' Den winner Ross Mendham smashes £100k Ferrari after ploughing into bike racks in city centre "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. 6 Beardsell was sentenced to 18 months in prison, suspended for two years Credit: Cavendish 6 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.'' 6 He was ordered to complete 250 hours of unpaid work and pay costs of £11,142.70 Credit: Cavendish
Scottish Sun
7 days ago
- Business
- Scottish Sun
Dragon's Den star & gold medal-winning athlete took out £100k in fraud loans despite £75k show investment
None of the money he applied for went towards his business STAR JAILED Dragon's Den star & gold medal-winning athlete took out £100k in fraud loans despite £75k show investment Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) 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. Sign up for the Entertainment newsletter Sign up 6 Beardsell received £75,000 in investments after appearing on Dragon's Den Credit: Cavendish 6 The British world sprinting champion illegally pocketed two Covid Bounce Back business loans to buy himself a £1.8m mansion Credit: Cavendish 6 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. Shocking moment Dragons' Den winner Ross Mendham smashes £100k Ferrari after ploughing into bike racks in city centre "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. 6 Beardsell was sentenced to 18 months in prison, suspended for two years Credit: Cavendish 6 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.''
Daily Mirror
7 days ago
- Business
- Daily Mirror
Dragons' Den winner used Covid loans to buy £1.3m mansion in star-studded village
Dragons Den winner, Rick Beardsell, has been sentenced after being found guilty of using Covid loans to help buy a £1.3 million home in a sought-after village in Cheshire A Dragons' Den winner has been sentenced after pocketing Covid loans to buy a £1.3 million mansion. Rick Beardsell, who had previously received a £75,000 investment from TV Dragons Tej Lalvani and Deborah Meaden in 2015 for his successful protein shake bottle business, ShakeSphere, was sentenced to 18 months in prison, suspended for two years, after prosecutors told a judge he had since paid all the money back. Under the Government's application rules, the 46-year-old father of two was only entitled to one Bounce Back loan of a maximum £50,000, but he fraudulently applied for two - then exaggerated his annual turnover by up to 23 times. Beardsell, who has also won a total of seven gold medals for GB in World Masters Athletics Championships, illegally used two Covid business loans worth £100,000 to help finance the purchase of a five-bed property in the sought-after village of Prestbury, Cheshire, which is home to a number of celebrities. The dad-of-two was supposed to use the taxpayer's cash to help his other firm, which sells sportswear, but none of the money he was given went to the company, reports the Mirror's sister title, the Manchester Evening News. Instead, he spent the Covid loan funds to help buy a £1.3 million house in Prestbury while also transferring cash to family members and making mortgage payments. At Chester Crown Court, Beardsell, who won two World Records for sprinting, holding the fastest record for a 400-metre sprint for a 36-year-old at the 2015 WMA, faced three years jail under sentencing guidelines after he admitted two charges of fraud. However, he was sentenced to 18 months in prison - suspended for two years. Beardsell had previously received a healthy investment from TV Dragons Tej Lalvani and Deborah Meaden for his protein shake bottle business, which subsequently helped him get sales of more than a million shakers worldwide across the following two years. Geoff Whealan, prosecuting for the Insolvency Service, said Beardsell made fraudulent applications for Bounce Back Loans to HSBC in December 2020 and then to NatWest in January 2021 in respect of his other firm, Sports Creative Ltd. ''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.'' he said. ''The turnover was clearly exaggerated to secure the maximum bounce back loan, and 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.'' Mr Whelan added: ''In effect, the bounce back loan funds had been used for this purchase, and 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. But in relation to repayment, the defendant has repaid the bounce back loans to each bank." Beardsell's counsel Nichola Cafferkey said in mitigation: ''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."
Business Standard
23-05-2025
- Business
- Business Standard
Beardsell standalone net profit rises 100.00% in the March 2025 quarter
Sales rise 10.66% to Rs 70.91 crore Net profit of Beardsell rose 100.00% to Rs 1.82 crore in the quarter ended March 2025 as against Rs 0.91 crore during the previous quarter ended March 2024. Sales rose 10.66% to Rs 70.91 crore in the quarter ended March 2025 as against Rs 64.08 crore during the previous quarter ended March 2024. For the full year,net profit rose 20.68% to Rs 9.57 crore in the year ended March 2025 as against Rs 7.93 crore during the previous year ended March 2024. Sales rose 8.23% to Rs 250.51 crore in the year ended March 2025 as against Rs 231.46 crore during the previous year ended March 2024. Particulars Quarter Ended Year Ended Mar. 2025 Mar. 2024 % Var. Mar. 2025 Mar. 2024 % Var. Sales 70.9164.08 11 250.51231.46 8 OPM % 5.996.20 - 7.847.57 - PBDT 4.004.16 -4 18.7217.97 4 PBT 2.382.57 -7 12.4212.08 3 NP 1.820.91 100 9.577.93 21
Business Standard
23-05-2025
- Business
- Business Standard
Beardsell consolidated net profit rises 96.84% in the March 2025 quarter
Sales rise 11.12% to Rs 75.42 crore Net profit of Beardsell rose 96.84% to Rs 1.87 crore in the quarter ended March 2025 as against Rs 0.95 crore during the previous quarter ended March 2024. Sales rose 11.12% to Rs 75.42 crore in the quarter ended March 2025 as against Rs 67.87 crore during the previous quarter ended March 2024. For the full year,net profit rose 19.44% to Rs 9.83 crore in the year ended March 2025 as against Rs 8.23 crore during the previous year ended March 2024. Sales rose 9.55% to Rs 268.35 crore in the year ended March 2025 as against Rs 244.95 crore during the previous year ended March 2024. Particulars Quarter Ended Year Ended Mar. 2025 Mar. 2024 % Var. Mar. 2025 Mar. 2024 % Var. Sales 75.4267.87 11 268.35244.95 10 OPM % 6.316.54 - 8.468.37 - PBDT 4.354.65 -6 20.3119.60 4 PBT 2.432.62 -7 12.6812.37 3 NP 1.870.95 97 9.838.23 19
