Two Firms Shut Down Over £1 Million Covid Loan Scam
The High Court has closed down two companies, Ledbridge Consultants Limited and Montague Partners Ltd, after they scammed over £1 million from government Covid support loans. The Insolvency Service uncovered a vast fraud stretching across multiple Covid relief schemes.
Covid Loan Scam Uncovered
- Both firms, based in Birmingham and London, were wound up on Tuesday, 10 September.
- Neither company conducted any real business; they were fronts to grab taxpayers’ cash during the pandemic.
- Ledbridge and Montague each secured £50,000 through the Bounce Back Loan scheme – the maximum allowed.
- Montague Partners also snatched a whopping £1.5 million from the Future Fund, using the identities of three other companies to do so.
Money Moved Rapidly to Individuals
The Insolvency Service revealed that Montague Partners funnelled the stolen funds to 35 people, with 10 receiving over £75,000 each through multiple small payments. Likewise, Ledbridge Consultants quickly distributed its £50,000 Bounce Back Loan to various parties, leaving the company’s bank account empty within weeks.
Despite zero legitimate trading, both companies filed suspicious accounts. Ledbridge declared a surge in net assets to £13.4 million in just six months in 2021, while Montague’s assets jumped to £2.2 million in November 2020 from just £1 the previous year.
Fake Directors and Stolen Identities Used
The investigation also revealed a nasty twist. Both firms illegally used personal data from online job applicants, registering them as company directors, shareholders, or investors without consent. This fake info was then submitted to Companies House to support the bogus paperwork.
Cheryl Lambert, Chief Investigator at the Insolvency Service, said: “Taxpayers’ money from Covid support schemes was drained from company bank accounts, and no evidence was provided that the funds were ever used for the businesses themselves. The allegations against Ledbridge Consultants and Montague Partners were extremely serious, which is why it was important for us to apply to stop them from trading with immediate effect.”
Neither company cooperated with the Insolvency Service, making it impossible to identify who controlled them or the recipients of many large transactions.
Official Receiver Takes Control
The Official Receiver has been appointed as liquidator for both firms. Anyone seeking information about Ledbridge Consultants or Montague Partners should contact the Public Interest Unit at:
16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ Email: [email protected]
