UK: Keith Michael Stiles, the director of Kayboo Restricted which owned the Corran Resort and Spa, has been disqualified for eight years following an investigation into the collapse of the corporate.

Stiles joined Kayboo in 2012 as director, the 12 months after the corporate bought the posh Hurst Home Resort in Laugharne, Carmarthenshire. The lodge was later rebranded to Corran Resort and Spa.

Below a fractional possession scheme, Stiles was chargeable for securing funds to broaden the lodge. The enterprise mannequin concerned Kayboo granting a 999-year lease on particular person lodge rooms to an organization restricted by assure, which might then be sub-leased to a lodge operator. 

Traders which bought membership within the firm restricted by assured had been entitled to a share of the hire paid by the lodge operator.

When Kayboo went into administration in October 2016, an investigation found that the corporate had acquired £6.4 million in funding however solely registered three leases value £585,000. An extra £10.6 million was secured to develop 28 extra rooms in a close-by farmhouse. Lenders didn’t grant permission for the scheme, Kayboo didn’t buy the entire property, and nil leases had been signed.

Kayboo had additionally secured greater than £500,000 in deposits from December 2015, at a time when the corporate was bancrupt.

Final month, Stiles was handed an eight 12 months ban after he didn’t dispute that Kayboo misled buyers. With out permission from courtroom, Stiles can’t immediately or not directly change into concerned within the promotion, formation or administration of an organization throughout this time.

Stiles’ disqualification concludes a collection of investigations into different people linked to Kayboo. This consists of Paul James Manley, Kayboo’s joint proprietor, who acquired a 12 12 months ban from January 2019; and August Richard Templar (previously generally known as Matthew Roberts), the supervisor of Hurst Home Resort, who acquired a 9 12 months ban in July 2021.