THE BUSINESSMAN

HE was the high-flying businessman who posed for photos with professional footballers before his once booming Wolverhampton company crashed.

David Smith enjoyed all the trappings of wealth as managing director of Accountable Accountancy Ltd, including owning a property portfolio.

In a candid interview, Mr Smith admitted he’d “lost everything”. Before the collapse, the 46-year-old was seen as a successful businessman and a director of 12 companies, six of which are now in liquidation, including Contrella Ltd.

He said Contrella had spent “a hell of a lot of money at Wolverhampton Wanderers FC, entertaining clients.

“I spent thousands of pounds a year taking clients to events, corporate hospitality, taking clients to Wembley, taking clients to the Anthony Joshua fight, we sponsored a lot of events.”

High court action was ‘stayed’ against Mr Smith last March after an agreement was reached between him and the liquidators with whom he says he fully cooperated.

He would not disclose details of the agreement, but High Court papers show that his luxury, gated, four-bedroom home, Orchard Farm in Lower Penn, was sold for £675,000 with the proceeds set to be shared between the firm’s creditors, which include HMRC.

He is now working as an employee for another company and says he is determined to pay back the public money owed to HMRC.

“Although deserved, the last two years have been really difficult, and resulted in me losing everything that I’d ever worked for,” he said.

“The stress that this has caused my family and people close to me is something that I will always regret.”