Farepak bosses could be barred from City jobs

EXECUTIVES of the ill-fated savings club Farepak could be banned from serving as company directors after the government’s Insolvency Service applied to the courts to disqualify them.

Nine directors including former CBI president Sir Clive Thompson and outgoing Blacks Leisure chief executive Neil Gillis could face a ban of up to 15 years if the High Court deems them unfit to manage a company.

Thompson was chairman of Farepak’s parent company European Home Retail when it collapsed in October 2006 after several profit warnings, while Gillis was a non-executive director.

Farepak customers saw around £38m of their savings wiped out after the firm failed to ringfence the cash.