Eel business shuttered after £275k covid loan abuse

A Lincolnshire eel company cheated the covid system by quadrupling turnover to secure a £50,000 bounce back loan and did not stop there

Having successfully applied for a maximum £50,000 bounce back loan which the Boston-based company was no entitled to, the directors were emboldened to dive back in when the government announced the covid recovery loan scheme facility in 2021, a year after the first pandemic lockdown.

The Eel Screen Company Ltd, which was set up in 2015 to install specialist screens to protect eels, has been wound up in the High Court after investigators from the Insolvency Service uncovered evidence of government covid loan abuse.

Your free features:

  • Breaking news and expert analysis
  • Customisable daily newsletters
  • Six free CPD learning modules each year
  • Personalised CPD tracker
  • Top 75 Firms league tables
  • Regulatory changes
  • Hardman’s Tax Data

Sign up to Business & Accountancy Daily

Related Articles
Subscribe