The 51-year-old boss of a healthcare company, who claimed her company made £130,000 in one year (when it was actually £5,000) to secure a £30,000 Covid bounce-back loan, which she then used for herself spent is barred from managing companies
- Monica Coyle, 51, has requested a £30,000 Covid relief loan from the Government
- An investigation revealed that the manager kept the money for personal gain
- She claimed her business was making £130,000 a year when it was only £5,000
- Ms Coyle has now been banned from running a business for at least 10 years
A brazen Ayrshire businesswoman has been banned from running a business for ten years after spending the better part of a Covid loan on herself.
Monica Coyle, 51, former President of Ayrshire Business Women, applied to the Government for a £30,000 Bounce Back Loan (BBL) in May 2020.
The UK Government Insolvency Service said the Kilmarnock woman personally received at least £26,861 in payments from the loan.
The emergency financial aid was designed to support businesses during the pandemic, with businesses able to claim up to £50,000.
Coyle, a former NHS nurse, told officials her company Positive Pulse Limited made £130,000 in 2019.
However, an analysis of the award-winning businesswoman’s bank statements up to 31 December 2019 revealed turnover of just £4,892.
Coyle’s company specializes in corporate health and wellness training.
Monica Coyle, 51, has requested £30,000 from the ‘Bounce Back Loan’ scheme designed to help businesses recover from the pandemic
They also offered private health checks for employees, including lifestyle, nutrition and mental health support.
On February 6th this year, Coyle liquidated the company with £30,000 in debt.
Coyle was elected President of Ayrshire Business Women in February 2019 for the group’s 25th anniversary, but left the role after less than a year.
A source close to Ayrshire Business Women, who wished to remain anonymous, said: “Monica was elected President of ABW in February 2019 and resigned in January 2020.
“Monica did not organize or attend the AGM for ABW this month and did not complete the handover to the new 2020 President, Mary Cahill.
“Monica resigned as a member of Ayrshire Business Women and never returned to the group.”
Coyle is banned from working as a business directory for a decade, until September 2032.
This prevents Coyle from being directly or indirectly involved in the promotion, creation or operation of any business without court approval.
The Secretary of State accepted a disqualification obligation from Coyle after not denying that she had caused the company to request and receive a payment of £30,000 to which it was not entitled before using it for personal gain.
Investigator Steven McGinty said: “Bounce-back loans were made for the economic benefit of the company, not for the personal benefit of the directors.
“Monica Coyle exploited the system and took taxpayers’ money during the pandemic that she knew she wasn’t entitled to.”
