Case details for CHARLENE RICHARDS

Name: CHARLENE RICHARDS

Name: GLO FITNESS LTD

Date of Birth: 5 / 10 / 1986

Date Order Starts: 29 / 11 / 2023

Disqualification Length: 10 Years 0 Month(s)

CRO Number: 12167753

Last Known Address: 7C JEWS WALK, SYDENHAM, , , LONDON, SE26 6PJ

Conduct: a) On 23 September 2020 Charlene Richards (“Ms Richards”) caused Glo Fitness Ltd (“GF”) to apply for and obtain a government-backed Bounce Back Loan (‘BBL’) of £50,000 for which it was not eligible and failed to use the BBL its entirety for the economic benefit of the business, contrary to the terms of the BBL. In that: • Under the BBL scheme the applicant must be carrying on business on 01 March 2020 and at the time of the BBL application had to self-certify that they will use the loan only to provide economic benefit to the business and not for personal use. The turnover figure required was that for the calendar year 2019 or where a business was established after 1 January 2019 it is their estimated turnover. • GF was incorporated on 21 August 2019 and so Richard’s relied upon the provision that permitted estimated turnover to be used within the application • GF applied for the maximum BBL available, being £50,000, which means her application estimated the turnover to be at least £200,000 • Ms Richards has provided a calculation which confirms that GF had an estimated turnover of £67,800. Accordingly, the maximum BBL GF was eligible for was £16,950 • The full sum of £50,000 was paid into the company account on 23 September 2020. • On 24 September 2020 £50,000 was transferred to Ms Richards personal bank account • Ms Richards provided this personal bank account as the de facto account utilised by the company during trading from this point • A total of £28,500 was dispersed from this personal account in respect of payments to Ms Richards which were not business related and not for the economic benefit of GF. • No repayments were made in respect of the BBL. 

This information is correct as at 8 / 11 / 2023



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