A BLACKPOOL businessman who spent £25,000 of his bankrupt company's money on a yacht for his personal use has agreed to a ban on taking directorships, along with his wife and another director.

James Denley of Everest Drive, Bispham, has given an undertaking not to serve as a director for 11 years after ADS (Preston) Ltd went under in 2001, owing £361,000.

His wife, June Denley and Nina Jacqueline Garwood of Highcroft Avenue, Bispham, agreed to a four year ban.

Mr Denley's ban also relates to his directorship of three other failed companies, run from the same address in Preston.

He used £15,000 from one of the firms, Agency Driver Services (Haydock) Ltd to buy a Range Rover in his own name and also used cash to help purchase, in his own name, a property at Cliffs Place, Bispham.

He also caused the company to fail to deal properly with its tax affairs, leading to a policy of retaining money owed to Government departments, totalling more than £200,000.

Mr Denley, Mrs Denley and Mrs Garwood also caused or allowed ADS (Preston) Ltd to withhold more than £130,000 owed to the Inland revenue us PAYE tax and National Insurance deductions. Mr and Mrs Denley also used at least £6,885 of the company's money on their own personal expenses, as well as £25,000 on Mr Denley's yacht.

If any of the three breach the disqualification by taking part in the management of a company during their bans they can be prosecuted and punished by a fine, a prison sentence of up to two years, or both.

They may also be made personally liable for the company's debts.