Name: David  Beasley

Name: PURE LUXURY LIMITED

Date of Birth: 5 / 12 / 1964

Date Order Starts: 29 / 1 / 2024

Disqualification Length: 11 Years 0 Month(s)

CRO Number: 08284537

Last Known Address: 12 Ingleton,, Elloughton,, , , BROUGH,, HU15 1SQ

Conduct: On 07 May 2020, Mr. David Beasley (“Mr. Beasley”) caused Pure Luxury Limited (“Pure”) to provide misleading information with regards to the company’s solvency when applying for a Coronavirus Bounce Back Loan (“BBL”) of £50,000, when he knew or ought to have known that Pure was insolvent, in that: On 19 December 2019, Mr. Beasley signed year end 31 March 2019 accounts which show Pure as balance sheet insolvent. By no later than 16 March 2020, Mr. Beasley approached an Insolvency Practitioner (“IP”) and was informed that Pure was insolvent on both a cash flow and balance sheet basis. Mr. Beasley informed the IP that Pure’s assets had been transferred out of the company several months previously. On 17 and 18 March 2020, terms of engagement to place the company into Liquidation with the IP were signed by both of Pure’s directors. The IP calculated Pure’s liabilities to be £196,789. On 07 May 2020, on behalf of Pure, Mr. Beasley applied for a BBL of £50,000. When asked, by the bank, whether Pure was insolvent on 31 December 2019, Mr. Beasley has stated no. Included in the documents provided by the bank, the BBL application form had a ‘Business in Difficulty’ questionnaire. Mr. Beasley answered at least two questions incorrectly. Mr. Beasley confirmed to the Insolvency Service that he used the turnover figure stated in the accounts for year-ending 31 March 2019 in the BBL application form. Therefore, at the date he made the BBL application, Mr Beasley should have been aware of Pure’s balance sheet insolvency as set out in those accounts. On 11 May 2020, Pure received a BBL of £50,000. The balance on Pure’s bank account prior to it receiving the BBL funds was £627. The bank has confirmed that had they been provided with accurate information about Pure’s financial position, the BBL would not have been advanced. In July 2020, Mr. Beasley and the director of a third-party company signed a contract to transfer Pure’s business and assets to another company (in March 2020, Mr. Beasley had advised the IP that Pure’s assets had already been transferred.). As such, Pure was left with no assets, no contracts and an additional £50,000 liability. Pure’s liabilities had increased from £196,789 in March 2020 to £344,554 at Liquidation, on 29 October 2021. 

This information is correct as at 9 / 1 / 2024

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