West Yorkshire pub landlord couple disqualified for eight years

02 March 2016 by
West Yorkshire pub landlord couple disqualified for eight years

The directors of pub company Fountain's Choice have been disqualified for eight years for failing to keep adequate books and records.

Shaun Fountain, 60, and Deborah Fountain, 37, from Bingley in West Yorkshire, ran a number of pubs in Bradford and Leeds until the firm entered into liquidation on 18 November 2013 with an estimated deficiency of £213,081.

Mr and Mrs Fountain were unable to explain the causes of the failure of the company as a result of their inadequate financial records.

They were also unable to accurately detail the acquisition and disposal of the firm's assets or its financial position at any point in its trading life.

The company failed to explain why £689,300 was transferred to a related company. It also couldn't explain why a further £14,979 was transferred to another related company or why £15,214 was transferred to an unidentified bank account.

In addition, the purpose of cheque payments and cash withdrawals totalling £18,744 was unable to be determined.

Other transactions totalling £58,740 and payments of £39,527, to purchase the fixtures, fittings and franchise fees for public houses owned by the couple, were also unaccounted for.

Commenting on the disqualification, Robert Clarke, head of company investigation at the Insolvency Service, said: "Directors have a duty to ensure that their companies maintain proper accounting records, and, following insolvency, deliver them to the office holder in the interests of fairness and transparency.

"Without a full account of transactions it is impossible to determine whether a director has discharged his duties properly, or is using a lack of documentation as a cloak for impropriety."

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