Private equity trio in Barclays case are sentenced for contempt

Three bosses of a private equity group have each been sentenced to 22 months in prison after their “deliberate and planned flouting” of court orders imposed after they were accused of unlawfully “extracting” £13.7 million from Barclays bank accounts.
Scott Dylan, David Antrobus and Jack Mason 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.
Manchester-based Inc is part of an investment group that owned companies including Maker & Son, a luxury furniture business co-founded by the grandson of the late Habitat founder Sir Terence Conran, and Baldwins Travel, a chain of travel agents.
Barclays pursued Dylan, Antrobus and Mason 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.
His family member allegedly benefited from payments worth about £2 million, which relate “to the purchase of at least one hotel in Turkey”, while Dylan’s romantic partner allegedly benefited from a £1.7 million payment. The disputed funds were also allegedly used to buy Baldwins, a more than 120-year-old Kent-based travel business. The claims are 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 said the plan was “not unsophisticated” and Dylan “appears to have been the brains who cooked up this plan but they have all gone along willingly with it”. He described Antrobus, 38, and Mason, 34, as “confident, astute business leaders who fully signed up to the plan”.
Dylan, 40, eventually admitted being in contempt but 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. “All three have lied to the court on a prolific scale,” Rajah said.
Shareholdings included in the illegal offshore transfer included Baldwins.
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.”
Inc is a Manchester-based group that has claimed to have sales of £150 million and owns companies spanning retail, property, travel and technology. Dylan, its founder, has described himself as a “renowned entrepreneur, investor, business strategist and philanthropist”.
Last year The Times reported that Dylan and associates have been accused by insolvency practitioners of failing to cooperate during multiple company failures, which left behind tens of millions of pounds worth of debts to creditors, an allegation they denied.
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.
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”.
The civil case has been adjourned. Inc & Co did not respond to an invitation to comment.