STORY
Shkelzen Gashi, the former owner of Smart Tyres Services Ltd in North London, has been disqualified from serving as a company director for a decade after overstating his business’s turnover to obtain the maximum £50,000 Bounce Back Loan during the Covid-19 pandemic.
Gashi, 53, claimed his tyre fitting business had a turnover of £250,000 when applying for the government-backed loan in 2020. However, an investigation by the Insolvency Service revealed that Smart Tyres Services Ltd’s actual turnover for 2019 was £134,401. This misrepresentation enabled Gashi to secure £16,400 more than his company was entitled to under the scheme.
The Bounce Back Loan Scheme was designed to support small and medium-sized businesses during the pandemic, allowing them to borrow between £2,000 and £50,000, capped at 25% of their annual turnover. The loans were intended to be used for the economic benefit of the business.
Smart Tyres Services Ltd ceased trading in August 2022, leaving liabilities exceeding £100,000. Gashi has since repaid £8,000 of the loan. Despite being given multiple opportunities to explain his actions, Gashi failed to provide satisfactory answers to investigators.
Kevin Read, Chief Investigator at the Insolvency Service, stated:
“Shkelzen Gashi blatantly overstated the turnover of his company, ensuring it received significantly more in Covid support than it was entitled to. This was taxpayers’ money, and Gashi will now no longer be able to be involved in the promotion, formation or management of a company for the next decade as a result of his dishonest conduct.”
The disqualification, effective from 17 April 2025, prohibits Gashi from being involved in the promotion, formation, or management of a company without court permission until April 2035.
A tyre shop continues to operate from the same Harringay Road address where Smart Tyres Services Ltd was based; however, Gashi is not associated with the current business.