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The former publisher of the Bedfordshire Bulletin, Martin Howard Quince (74) of Milton Ernest, has been disqualified from being a company director for 12 years following revelations that he misused the Bounce Back Loan (BBL) scheme for personal gain.
Abuse of the Bounce Back Loan Scheme
Quince, who owned and managed Rosetta Publishing Ltd, was found to have violated the terms of the BBL scheme by utilising the funds intended for his company's economic benefit for personal use. The Insolvency Service's investigation into his conduct detailed how Quince applied for two separate BBLs and diverted significant portions of these loans for his own advantage.
In May 2020, Quince applied on behalf of Rosetta Publishing Ltd for a BBL amounting to £48,250 from Lender A. Upon receiving the loan, £19,338 was used to repay an overdraft, leaving an in-credit balance of £28,912. However, by June 24th, 2020, despite additional trade credits of £4,099, Quince had made six payments totaling £27,580 "for his personal benefit," which is against the stipulated use of BBL funds.
Further Misconduct
The report also noted that Quince applied for a second BBL of £50,000 with Lender B in September 2020. This application was in direct violation of the scheme’s terms and conditions as Rosetta Publishing Ltd had already received another BBL. Furthermore, the second loan produced a personal benefit for Quince by settling his personal guarantee on a previous loan with Lender B.
Both lenders have filed substantial claims in Rosetta Publishing's liquidation process, with amounts of £61,482.30 and £53,553.35 from Lender A and Lender B respectively, including the BBL sums. Rosetta Publishing was eventually wound up in September 2022, owing creditors a total of £120,322, including £62,479 to HSBC and £53,553 to Funding Circle.
New Ventures Amidst Financial Debacle
Despite Rosetta Publishing’s dire financial state, Quince established a new business, Beds Bulletin Ltd, in April 2022 and continued publishing the Bedfordshire Bulletin. This business was later transferred in mid-2024 to Pilgrims Publishing, owned by Bedford businessman Paul Johnstone. It should be noted that Johnstone has also faced public criticism for his actions during the COVID-19 pandemic.
Wider Implications of the Bounce Back Loan Scheme
The BBL scheme, part of the government’s effort to support businesses during the COVID-19 pandemic, lent around £77bn across three separate schemes, with £46.6bn allocated to the BBL alone. While the program was credited with saving half a million businesses and nearly three million jobs, it has been marred by allegations of fraud and mismanagement. An estimated £1.8bn in BBLs are suspected fraudulent, leaving taxpayers to shoulder the financial burden.
This misuse of funds has drawn considerable criticism, including the resignation of former Cabinet Office minister Theodore Agnew, who cited the government's "woeful" efforts in controlling fraud within the scheme as his reason for stepping down.
Mr. Quince has yet to provide a comment regarding these findings and the subsequent disqualification.
Conclusion
The case of Martin Howard Quince underscores the broader issues encountered with the BBL scheme and serves as a cautionary tale for the importance of stringent oversight in emergency financial assistance programs. As the government continues to assess the aftermath of the COVID-19 support schemes, ensuring accountability and proper utilisation of such funds remains paramount for restoring public trust.
