Patrick Olusoji Ekundayo (66), from Edmonton in London, was the sole director of Peaches Limited. The company, incorporated in August 2010, provided catering services and managed social events.

At its most successful trading period, Peaches Limited hosted up to 60 functions per year and took an average of £10,000 to £15,000 per event.

By March 2013, Patrick Ekundayo’s company turnover had significantly exceeded the VAT registration threshold and in January 2014 the caterer was advised to register for VAT by his accountant.

Patrick Ekundayo, however, failed to register the catering company and this caused the tax authorities to compulsorily register Peaches Limited for VAT in November 2017, backdating registration to March 2013.

Despite the registration, Patrick Ekundayo did not submit any tax returns and in July 2018, Peaches Limited went into liquidation, owing more than £500,000 in taxes.

The catering business’ insolvency triggered an investigation by Insolvency Service, which confirmed that Patrick Ekundayo’s failure to register for VAT was deliberately non-compliant and he was issued with a penalty of more than £128,000 by the tax authorities.

Enquiries also found that the caterer had underdeclared Corporation Tax and National Insurance contributions of more than £264,000.

On 14 January 2021, the Secretary of State for Business, Energy and Industrial Strategy accepted an undertaking from Patrick Ekundayo, after he did not dispute that he had failed to ensure that Peaches Limited registered for VAT, failed to submit VAT returns and under declared Corporation Tax and National Insurance contributions.

Patrick Ekundayo’s ban started on 4 February 2021 and he is banned from from directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or management of a company.

Lawrence Zussman, Deputy Head of Insolvent Investigations at the Insolvency Service, said:

Patrick Ekundayo failed to register his company for VAT and did not submit any VAT returns throughout the company’s lifetime resulting in more than £500,000 in lost taxes to the public purse.

This behaviour was deliberately non-compliant and we have now removed him from being involved in any business for a period of seven years.

Patrick Olunsoji Ekundayo’s date of birth is September 1954.

Peaches Limited (Company Reg no. 07345602).

Disqualification undertakings are the administrative equivalent of a disqualification order but do not involve court proceedings. Persons subject to a disqualification order are bound by a range of other restrictions.

Further information about the work of the Insolvency Service, and how to complain about financial misconduct is available.

You can also follow the Insolvency Service on:

• Bounce Back Loan borrowers will now have the option to tailor payments according to their individual circumstances
• Chancellor makes support even more generous with the option to delay all repayments for a further six months
• Pay as You Grow will be available to over 1.4 million businesses, which collectively took out nearly £45 billion through the Bounce Back Loan Scheme

The Treasury’s Pay as You Grow repayment flexibilities enable borrowers to tailor their repayment schedule, with the option to extend the length of their loans from six to ten years (reducing monthly repayments by almost half), make interest-only payments for six months or pause repayments for up to six months.

The Chancellor has now extended the flexibility of the third option, which will now be available to all from their first repayment, rather than after six repayments have been made. This will mean that businesses can choose to make no payments on their loans until 18 months after they originally took them out.

These Pay as You Grow options will be available to more than 1.4 million businesses which took out a total of nearly £45 billion through the Bounce Back Loan Scheme.

This is in addition to the government covering the costs of interest for the first year of the loan.

Pay as You Grow’s additional support, first announced by the Chancellor in September, will give borrowers the option to tailor repayments to their individual circumstances.

This will provide more time and greater flexibility to repay the loans.

From today, lenders will begin reaching out to borrowers to provide information on repayment schedules and how to access flexible repayment options.

The Chancellor of the Exchequer, Rishi Sunak, said:

Businesses are continuing to feel the impact of extended disruption from Covid-19, and we’re determined to give them the backing and confidence they need to get through the pandemic.

That’s why we’re giving Bounce Back Loan borrowers breathing space to get back on their feet, through greater flexibility and time to repay their loans on their terms.

Lenders will proactively and directly inform their customers of Pay as You Grow, and borrowers should only expect correspondence three months before their first repayments are due.

It will provide businesses with the following options:

1. Extend the length of the loan from six years to ten
2. Make interest-only payments for six months, with the option to use this up to three times throughout the loan
3. Pause repayments entirely for up to six months

Business Secretary, Kwasi Kwarteng, added:

The comprehensive and generous financial support package we have delivered across the UK has protected jobs, saved businesses and kept local economies on the move.

While our vaccine rollout is moving at an incredible pace and the end is in sight, we know times are still tough for many companies and extra support is needed.

These flexible repayment options will give businesses the time they need to recover from the pandemic before paying back loans, giving them the breathing space and confidence to build back better.

Further Information

The British Business Bank run the Bounce Back Loan Scheme.

The government has made clear that lenders are expected to offer PAYG options to all borrowers under the Bounce Back Loan Scheme.

Following discussions with lenders, all borrowers should receive identical information on PAYG being offered.

The Financial Conduct Authority’s conduct rules require lenders to show due consideration and appropriate forbearance to borrowers in difficulty.

Under the Bounce Back Loan Scheme, no repayments or interest are due from the borrower during the first 12 months of the loan term.

Please see a summary of existing support.

Earlier this week, we saw one of the greatest milestones in our fightback against this virus, as the number of people who received their first dose ticked over 10 million, and has now surpassed 12 million.

We’re now vaccinating at an incredible pace, and during one hour on Saturday we delivered nearly 1,000 jabs a minute across the United Kingdom.

The vaccine is our way out of this pandemic, and it is thanks to the hard work of everyone involved that we have vaccinated over 90% of over 75s and visited every eligible care home possible with older residents in England.

From the moment COVID-19 was identified over a year ago, the global community of researchers, scientists and manufacturers have concentrated all their expertise and their efforts into vaccines and treatments so we can beat this virus.

The emergence of other variants is yet another challenge they are rising to meet.

Our world-leading genomics capacity has allowed us to identify these different strains when they have appeared in the UK. Where we have seen evidence of the South African variant or other worrying mutations, we have moved to deploy surge testing to try and stop it spreading any further.

It is a timely reminder that currently, even with the vaccine rollout going well, we all need to live by the national restrictions and act as if we might have the virus to stop us spreading it.

We have also taken stringent measures to stop new variant cases coming into the country, with travel bans for over 30 countries identified as having the highest risk of importing these variants. This is in addition to the negative test you need to arrive in the country, and the 10-day quarantine you must undertake once you are here.

I know the government is working at speed to introduce a further measure of enforced hotel quarantine for arrivals from high-risk countries to introduce yet another barrier against these variants coming into the UK.

Our brilliant scientists and medical advisers are now working on the potential for new versions of existing vaccines to offer further protections against COVID variants. Last week we announced an agreement with the manufacture CureVac to allow new varieties of vaccines based on messenger RNA technology to be developed quickly and to procure 50 million doses of a new version of a vaccine, if it is required.

But we should bear in mind that recent studies show the vaccines being deployed right now across the UK appear to work well against the COVID-19 variants currently dominant in the UK. In terms of other variants, not in the UK, we need to be aware that even where a vaccine has reduced efficacy in preventing infection there may still be good efficacy against severe disease, hospitalisation, and death. This is vitally important for protecting the healthcare system.

While it is right and necessary to prepare for the deployment of an updated vaccine, we can take confidence from the current roll out and the protection it will provide all of us against this terrible disease.

We are ready to protect our most vulnerable and stay a step ahead of the virus, whatever it throws at us.

Thanks to the work you’re doing, we’re getting safer every day. But even though this programme is accelerating rapidly, this is still a lethal virus that is capable of causing devastation and disruption.

So while the vaccinators do their work, we must all keep following the steps that we know make a big difference: hands, face, space, and if you have symptoms get a test.