Brazen Ayrshire business chief spent majority of £30,000 Covid loan on herself

dailyrecord.co.uk:

A brazen Ayrshire business chief has been banned from being a company director for ten years after spending the majority of a Covid loan on herself.

Monica Coyle, 51, who was the president of Ayrshire Business Women, claimed a £30,000 Bounce Back Loan (BBL) in May 2020.The UK Government's Insolvency Service say that the Kilmarnock woman personally gained at least £26,861 in payments from the loan.The emergency financial aid was designed to enable businesses to access finance more quickly during the coronavirus outbreak.

Businesses could claim up to £50,000, but couldn't exceed 25 per cent of the business' turnover.Coyle, a qualified nurse who formerly worked full-time with the NHS, told officials that her company, Positive Pulse Limited, achieved a turnover of £130,000 in 2019.But an analysis of the award-winning businesswoman's bank statements up to December 31, 2019 showed a turnover of just £4,892.Coyle's firm specialised in health and wellbeing training for companies.They also offered private health checks for staff members including both lifestyle, dietary and mental welfare support.On February 6 this year, Coyle placed the company into Creditors Voluntary Liquidation with a deficiency of £30,000 which is owed to the bank, the company’s only creditor, in respect of the BBL.Coyle was elected as president of Ayrshire Business Women in February 2019 for the group's 25th anniversary year but quit less than a year into the role.The Ayrshire Live app is available to download now.Get all the local news in your area – plus features, football news and the latest on the coronavirus crisis – at your fingertips 24/7.The free download features the latest breaking news and exclusive stories while you can customise your page with