Dragons’ Den athlete sentenced for using Covid loans to buy £1m house
A British world champion sprinter who appeared on Dragons’ Den has been given a suspended prison sentenced after using Covid loans to help fund a £1.3m house purchase.
Rick Beardsell, who competed on the senior Masters circuit, obtained two maximum-value £50,000 Bounce Back Loans for his sportswear manufacturing business Sports Creative Limited in 2020 and 2021.
But instead he spent the money on purchasing a five-bedroom house in Cheshire and Sports Creative Limited entered liquidation in December 2021.
Beardsell, 46, also broke the rules by inflating his company’s turnover and securing two loans, when businesses should have only received one loan, the Insolvency Service said.
The athlete appeared at Chester Crown Court on 22 July and was sentenced to 18 months in prison, suspended for two years. He was also ordered to undertake 250 hours of unpaid work and pay costs of £11,152.
He repaid the £100,000 he applied for in full earlier this year.
Beardsell is a Masters Sprint champion
Beardsell has won multiple Masters World Sprint titles and holds world records representing Great Britain as a seniors athlete.
Chief Investigator at the Insolvency Service David Snasdell said: “Rick Beardsell exploited a Covid support scheme designed for struggling businesses, fraudulently obtaining loans he was not entitled to.
“While legitimate business owners fought to stay afloat during the pandemic, Beardsell bought a £1.3m home with the help of money that should have been supporting his company through difficult times.
“This case sends a clear message that we will not tolerate those who viewed government support schemes as an opportunity for personal enrichment during a national emergency.”
Beardsell has also previously appeared on Dragons’ Den with ShakeSphere, his protein shake bottle company.