Leicestershire travel firm boss banned after misusing £713k

Diamond Shortbreak Holidays was based at Compass Point in Market Harborough

A travel agent boss misused £713,000 of funds before the company went bankrupt, investigators have found.

Jamie Tann, 37, admitted he used money from Diamond Shortbreak Holidays, in Market Harborough, Leicestershire, on failed foreign exchange trades.

He has been disqualified for 11 years from becoming involved in the promotion, formation or management of the firm.

Police confirmed "an investigation into the company was ongoing".

Mr Tann, of Wallasey in Merseyside, joined the company in June 2013 as finance director.

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It was later discovered that Mr Tann was responsible for a £25,000 payment that had not reached a supplier.

He was sacked before the firm went into administration in March 2017.

The holiday company, which formed in April 1998, was declared bankrupt the following year.

Jobs were lost in the UK and South Africa and more than £10m was owed to creditors.

'A substantial ban'

Looking into the causes of the company's failure, the Insolvency Service found that between March 2015 and January 2017, Mr Tann had misappropriated funds of at least £713,000.

He told investigators he used the funds to conduct foreign exchange trades and that all of the money was lost.

The service also discovered Mr Tann made payments from the company to himself or into third party bank accounts.

He also received funds due to the travel agent and paid them into accounts not belonging to the company.

Martin Gitner, from the Insolvency Service, said Mr Tann had used a "privilege of trust" at the company to misuse funds on unsuccessful foreign exchange trades.

He added: "It's a substantial ban and should serve as a warning to others that if you misuse company funds, then we can have you struck off the register of company directors."