Richard Oliver, the director of Birkenhead-registered Exact Data Trading Co. Ltd, has been disqualified for the maximum period permissible under law for fraudulently obtaining £145,000 from Covid support schemes to which his business was not entitled.
Oliver, aged 49, falsely secured £95,000 from multiple local authorities through the Small Business Grant Fund, initiated during the pandemic. Additionally, he submitted misleading information to acquire a £50,000 Bounce Back Loan.
During a hearing at the High Court in London last month, it was revealed that Oliver had been banned for 15 years. This disqualification order, effective from 28 August, restrains him from participating in the promotion, formation, or management of a company without court permission.
Neil North, Chief Investigator at the Insolvency Service, imparted clarity on the gravity of Oliver’s actions, stating, “Richard Oliver caused his company to deliberately exploit not one but two support schemes designed to help small businesses during the early days of the Covid pandemic. We will not tolerate such abuse of public money which is why we sought to remove Oliver from the corporate arena for the longest period possible.”
Information published by the Insolvency Service on the .gov website indicates that Exact Data, established in September 2019 and operated from Oliver’s home, sourced equipment and data for other third-party companies. The company fraudulently applied to at least 21 local authorities in June and July 2020 to be falsely registered for business rates, aiming to receive Small Business Relief Grants. In these applications, Exact Data provided incorrect and unsubstantiated information, including bank statements and leases that appeared to be fraudulently produced.
Seven local authorities disbursed a total of £95,000 into Exact Data’s bank account. Simultaneously, Oliver secured a £50,000 Covid Bounce Back Loan by declaring a turnover of £220,000 for Exact Data and falsely claiming the business was trading at the time of application. However, records show no trading income in the company’s account between March and July 2020. Liquidators were subsequently appointed for the company in December 2020.
This case highlights the stringent measures taken by authorities to combat fraud and emphasises the severe consequences of exploiting public financial support schemes.