The director of a Bangor car dealership who squandered almost a million pounds from the public has been disqualified for ten years.
Gwyn Meirion Roberts took money from customers of Menai Vehicle Solutions but failed to provide the vehicles that had been paid for. An investigation by the Insolvency Service found the firm also failed to pay customers for vehicles sold on their behalf.
Menai Vehicle Solutions was liquidated in October 2015, owing at least £1.25 million to its customers and other creditors. The company’s practices ultimately led to 40 members of the public losing over £969,000
The investigation found the company had a ”unsustainable” business model. It sold on new vehicles for less than the cost incurred in buying them in from dealers. That encouraged new business but ultimately led to Menai being unable to meet its liabilities, leading to new deposits being used in order to buy vehicles for older customers.
Roberts was banned from any direct or indirect involvement with a company until September 2027.
Chief investigator at the Insolvency Service, Robert Clarke, said: ”This is an unfortunate case in which members of the public suffered significant losses as a consequence of the inexcusable financial practices adopted by Mr Roberts. The lengthy period of disqualification is testament to how seriously the Insolvency Service views this misconduct.”