Former Blue Cube director jailed for fraud
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ALAN WILSON. THE former director and major shareholder of Blue Cube Rentals, has been sentenced to 44 months in prison at Stafford Crown Court this week after he pleaded guilty to fraud.
Wilson ran Blue Cube Rentals, which designed and rented portable refrigerated units and trailers from its Ilf.) in Staffordshire Technology Park.
The business went into administration in March 2009.
Staffordshire Police says Wilson took part in fraud, as the sole director of the business, which involved falsifying rental agreement documents, misappropriation of company funds and disposal of equipment.
Wilson funded what Staffordshire Police called a "luxury lifestyle': including buying an €850,000 (£743,)00) villa in Marbella, Spain, a 47ft yacht worth £490,000 and a MercedesBenz car.
Following an investigation by the police. Wilson was arrested and pleaded guilty to theft, false accounting and fraud.
Detective Sergeant Nick Jones, from the Staffordshire Police Economic Crime Unit, says: -We are increasingly using
asset recovery to take back ill-gotten gains, which are paid as compensation to victims."
On 26 March 2009, Blue Cube Rentals appointed KPMG as administrator. According to the administrator's report, filed on 15 October 2009, KPMG said it was unable to rescue the company as a going concern due to its "poor financial and operational position': Turner & Co (Glasgow) bought Blue Cube's portable cold store division for £100,000 on 23 June 2009, but, despite approaching 35 interested parties, no buyer was found for its trailer division, which closed on 19 May 2009.
KPMG says the total claims of unsecured creditors is 11.5m, but it is unable to estimate how much will be realised.