Private equity duo receive lengthy bans over banking system exploitation

Two executives from a private equity group, previously involved in the controversial takeover of Maker and Son, have been barred from serving as company directors following allegations of serious misconduct in banking transactions totalling nearly £14 million. The government’s Insolvency Service described their actions as an exploitation of the banking system, resulting in insolvencies exceeding £52 million in overall liabilities.

Scott Dylan, a businessman already exposed for conducting business while bankrupt, has seen his directorship ban extended by five years. He is prohibited from holding director positions until 2038. His former associate, David Antrobus, received a ten year ban. The sanctions arise from their management of unauthorised overdrafts; they permitted more than £13.9 million to pass through company bank accounts without approval.

In spring 2021, Dylan and Antrobus opened new bank accounts within two companies. Over several months, they facilitated transactions across ten associated businesses until Barclays, their bank, froze the accounts in September 2021. During this period, Dylan personally acquired £1.7 million, and £8.9 million was moved to related entities. There was an additional transfer of more than £1.5 million to Dylan’s family member, a transaction for which no substantial justification could be found, despite claims involving a property purchase in Turkey.

After the bank demanded repayment, the ten companies were placed in liquidation by November 2021. Both men were subsequently convicted of contempt of court, receiving prison sentences for knowingly breaching freezing orders imposed due to Barclays’ civil case over alleged misappropriation. They were found to have violated these orders by transferring approximately 60 companies to the British Virgin Islands without notifying the bank, subsequently misleading authorities with false explanations regarding these actions.

Dylan faced additional scrutiny as he should not have been operating as a director during this time, having agreed to a court undertaking in connection with prior disciplinary proceedings. His ongoing involvement in management roles was later declared unlawful, adding to the case against him.

The pair led Inc, a Manchester investment firm with interests including Maker and Son, a luxury furniture maker founded by the grandson of Sir Terence Conran. Their tenure descended into public disputes, High Court litigation with Barclays, and dissatisfaction among Maker and Son’s customers. Repeated insolvencies under their leadership left creditors facing losses amounting to tens of millions of pounds.

The bans, effective from Christmas Day, legally prohibit Dylan and Antrobus from forming, managing, or promoting companies without court consent. According to the Insolvency Service, these bans serve to protect the public from directors who have demonstrated abuse of their professional positions.