An Oldham man has been disqualified from acting as the director of an installation company after using a government business loan for his personal benefit.

Daniel Roscoe, 35, was director of Mechanical Inspection & Installation Services Ltd and on August 11, 2020, he applied for a government-provided Bounce Back Loan.

The loans were set up by the government due to the impact of Covid-19 on businesses throughout the country. 

They looked to help smaller businesses to access finance more quickly during the pandemic.

The terms of the loan stated that the intended purpose was to provide economic benefit to the business and was not to be used for personal purposes.

Mr Roscoe, whose last known address was on Prospect Drive, Failsworth, applied for a Bounce Back Loan of £50,000 for Mechanical Inspection & Installation Services Ltd.

The company, which is based in Heskin, near Chorley, is understood to operate in the installation of industrial machinery and equipment sector.

Mr Roscoe applied for the amount by using overstated turnover figures in the loan application form, according to the Insolvency Service.

At the time, a business could apply for a loan of between £2,000 and £50,000 subject to a maximum of up to 25 per cent of turnover in the calendar year 2019.

However, a report from The Insolvency Service said the company's turnover for the year to May 30, 2019, totalled only £72,341 according to filed accounts.

As a result of Mr Roscoe's application, Mechanical Inspection & Installation Services Ltd received more money than it was entitled to as part of the scheme.

The Insolvency Service's report said that Roscoe used £20,000 of the loan for his own personal benefit on September 17, 2020.

On August 20, 2021 Mechanical Inspection & Installation Services Ltd entered creditors’ voluntary liquidation with liabilities of £73,861, including £50,000 which is owed in respect of the Bounce Back Loan. 

Following his actions of overstating turnover figures and misusing the loan for personal benefit, Mr Roscoe was disqualified from being the director of a company for 10 years as of August 16.