Businessman found guilty of £243,000 fraud

A businessman who defrauded a government funding agency of more than £200,000 through false expense claims and “ghost employees” has been convicted following a two-week trial at Lincoln Crown Court.

Andrew Rendell-Read, 61, of Weston Hills near Spalding, was found guilty of fraud offences arising from a scheme which extracted approximately £243,000 from Innovate UK between 2015 and 2019.

The prosecution case, presented by Matthew Moore-Taylor, established that Rendell-Read and his wife and business partner, Catherine McGreggor, dishonestly inflated the costs of a publicly funded aerospace manufacturing project operated through their company, VBC Instrument Engineering.

The court heard that Innovate UK reimbursed 41% of qualifying project expenditure. False quarterly submissions were made which included fabricated invoices and the use of so-called “ghost employees”.

Although the individuals named as employees were real people connected to McGreggor, they did not perform the work claimed. Funds paid in their names were instead redirected into a joint account controlled by the defendants.

Rendell-Read denied responsibility during police interviews, claiming he had no knowledge of the fraudulent payments or invoices. The jury rejected that account and convicted him of fraud by false representation and abuse of position.

Catherine McGreggor had previously entered guilty pleas in relation to the offending.

During the investigation, officers recovered evidence of significant personal spending, including a Rolex watch and luxury vehicles.

The matter has been adjourned for sentence on 3 July 2026. Judge Catarina Sjolin-Knight indicated that a custodial sentence was likely and ordered Rendell-Read to surrender his passport pending sentence.

Matthew Moore-Taylor prosecuted the case on behalf of the Crown Prosecution Service.