Name: GABRIO MARIA MAGLIANO

Name: KULT PIZZA LTD

Date of Birth: 26 / 9 / 1994

Date Order Starts: 29 / 12 / 2022

Disqualification Length: 8 Years 0 Month(s)

CRO Number: 11067310

Last Known Address: 25-29 Chesham Street, , , , LONDON, SW1X 8NQ

Conduct: Gabrio Maria Magliano (“Mr Magliano”) caused Kult Pizza Ltd (“Kult Pizza”) to breach the conditions of the Bounce Back Loan (“BBL”) scheme by obtaining a BBL of £50,000 when he ought to have known that Kult Pizza was only eligible for a loan of £11,743, at most, and thereby caused Kult Pizza to receive £38,257 more than it was entitled to, in that: The BBL criteria allowed a business to borrow between £2,000 and up to 25% of the company turnover (up to a maximum of a £50,000 loan). Based on turnover from the 2019 and 2020 financial statements, Kult Pizza would have been entitled to receive £11,743. Kult Pizza’s financial statements for the year ending 30 November 2019 show a turnover of £32,120. Kult Pizza ceased to trade in March 2020 and the financial statements for the year ending 30 November 2020 show a turnover of £14,850. On 05 July 2020 Mr Magliano incorrectly stated in the BBL application turnover for 2019 to be £250,000 instead of £46,970 and he stated rather than using 2019 turnover he used an estimated turnover for 2020 to complete the BBL application when the estimate of turnover for 12 months from formation was a provision only available for those companies that were formed after 01 January 2019. Kult Pizza was incorporated on 16 November 2017. On 06 July 2020, funds of £50,000 were credited to Kult Pizza’s bank account. At the date of liquidation on 20 September 2021, a total of £160,267 was due to creditors including the full amount of the BBL. 

This information is correct as at 9 / 12 / 2022

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