The former bosses of Manchester private equity group Inc & Co have each been sentenced to 22 months in prison after the “deliberate and planned flouting” of court orders imposed after they were accused of unlawfully “extracting” £13.7m from Barclays bank accounts.
Scott Dylan, David Antrobus and Jack Mason (pictured) of Inc & Co were found to have committed multiple contempts of court after a judge concluded they had breached asset-freezing orders and “lied prolifically” in an attempt to cover up their actions.
The group owns or has historically owned companies spanning retail, property, travel and technology and claimed sales of £150m. Its portfolio has included the likes of Maker & Son, a luxury furniture business co-founded by the grandson of the late Habitat founder Sir Terence Conran, which is no longer affiliated with Inc & Co following a management buyout, fashion brand Studio PIA, sportstech Skylab and Baldwins Travel, a Kent-based chain of travel agents. It also built Manchester’s King Street Grooming from scratch
Barclays pursued the trio for breaching freezing orders imposed in relation to a civil case, in which Barclays accused the three men and companies they are linked to of misappropriating £13.7 million.
The bank alleged there was an unlawful conspiracy to take advantage of “automated decision-making” to make unauthorised borrowings through group companies.
The funds were allegedly partly used for the “personal benefit” of Dylan, Inc’s co–founder, as well as for his romantic partner, plus a family member and Antrobus, Inc’s chief technology officer.
The bank claimed that payments made to two private jet companies were for a holiday to Turkey for Dylan and others, at a cost of about £157,000.
The family member allegedly benefited from payments worth about £2m, which relate “to the purchase of at least one hotel in Turkey”, while Dylan’s romantic partner allegedly benefited from a £1.7m payment. The disputed funds were also allegedly used to buy Kent-based travel firm Baldwins, although these claims have been denied.
Freezing orders worth £13.7 million were imposed in 2021 but the court found that in 2022, about 60 companies ultimately owned and controlled by Dylan, Antrobus and Mason, Inc’s former chief executive, were transferred to the British Virgin Islands.
Mr Justice Rajah said the trio “obfuscated and created false stories and explanations” in their denials that the transfers breached the freezing orders.
The judge described the scheme as “not unsophisticated,” and noted that although Dylan appeared to be the mastermind, the other two “confident, astute business leaders” had “fully signed up to the plan.”
Dylan eventually admitted being in contempt, while Antrobus and Mason continued to deny breaching the orders. A trial was held in July in which Rajah found the pair committed several contempts of court saying: “All three have lied to the court on a prolific scale.”
In his judgment, Rajah said: “They all profess to be sorry but nevertheless the assets remain hidden somewhere offshore and not returned to the jurisdiction.
“There is no sign that they have any intention of returning the assets to this jurisdiction. This is, in substance, a continuing breach.”
Separately, the Insolvency Service is understood to be pursuing disqualification proceedings against Dylan, who is now in custody. Warrants have been issued for the arrest of Mason and Antrobus. Mason is said in the judgment to be in Spain, Antrobus in Ireland. A 2023 report in The Times claimed Dylan and his associates have been accused by insolvency practitioners of failing to cooperate during multiple company failures, leaving behind tens of millions of pounds worth of debts to creditors in the process. Allegations which have also been denied.
In a blog post, Dylan said his actions were “motivated by a desire to protect jobs … I regret that my intent to support others led to these proceedings.”
Stepping down as Inc & Co’s CEO last month, co-founder Mason said: “I’m looking forward to the next chapter of my life, whatever that may bring. Right now, i’m having a long rest until the time is right to explore new opportunities and ventures.”
Prolific North has contacted Inc & Co and its legal representatives for comment.
