VBM chiefs banned from director posts
by Tony Halstead and The PMA Team The four directors of high street bar operator Vodka Bar Management (VBM) who were variously involved running bars and staff agency companies which crashed with debts of £735,000 have been disqualified from holding directorships for a combined period of 40 years. Brothers Gary and Tony Hibberd have given voluntary undertakings not to become directors or hold seniormanagement positions for12 and 10 years respectively. Two other directors John Patrick O'Donnell and Timothy Allen gave similar undertakings for periods of 11 years and seven years. Further matters of unfit conduct not disputed by Gary Hibberd and O'Donnell in respect of staff agency company Serviceco claimed they acted as directors of Serviceco Ltd and 13 other companies whilst undischarged bankrupts, both having been adjudged bankrupt on 16 July 1998. Wine bar management company Install 500 (UK) went into voluntary liquidation with debts of £506,000 in May 2002 and Serviceco went under with debts of £229,000 in November 2002. At the start of the year, Laurel Pub Company repossessed seven bars it ran as a joint venture with VBM after it found £1.3m had been moved by VBM from a joint-venture account the maximum allowed was £5,000. VBM owed Laurel £641,000 in unpaid rent when the bars were repossessed in January. Laurel chief executive Ian Payne said: "We're still pursuing them." Laurel appointed investigative accountants Kroll in June to find out where the missing money had gone. A source close to Laurel claimed the four VBM directors simply "couldn't manage cash". Greene King Pub Partners is also considering suing VBM's directors for £614,000 after they reneged on an agreement to take on a 20-year lease at the Lord Palmerston in Chelsea's King's Road. Greene King Pub Partners managing director David Elliott said: "We have a claim against (VBM's directors) and we'll pursue it." VBM's directors also operate Style In The City which leases a number of bars from tenanted pub operator Unique, a number of them trading under the Babushka brand. The undertakings to not act as directors were given to the Insolvency Service last month on behalf of the Department of Trade & Industry. Matters of unfit conduct, not disputed by Gary Hibberd, Tony Hibberd and Timothy Allen in respect of Serviceco claimed they failed to pay sums in respect of VAT, PAYE and NIC and failed to co-operate with the liquidator of Serviceco. They also failed to ensure that Serviceco maintained proper accounting records. Matters of unfit conduct not disputed by O'Donnell in respect of Serviceco alleged that he failed to pay sums in respect of VAT, PAYE and NIC as these fell due. Matters of unfit conduct not disputed by Tony Hibberd in respect of Install 500 (UK) alleged that he failed to paysums in respect of VAT, PAYE and NIC. It was also alleged that he failed to co-operate with theliquidator of Install 500 (UK) and failed to maintain proper accounting records.
