FOUR men who managed a family building firm near Chard that racked up debts of almost £1.4 million before going bust have been handed business bans.

KDJ Slade Limited went into liquidation in December 2013, leaving a string of contractors massively out of pocket.

Now, Colin Slade, former owner of the company, has been banned from being a director of a company or owning a company by the Insolvency Service for six years.

Lee Slade, Matthew Slade and Robert Slade have all been handed three-year bans for their role.

The firm amassed debts of £1,393,000 before it went into liquidation, with £971,252 owed to creditors, £271,042 owed to employees, and £151,606 owed to HM Revenue and Customs.

The company had a distinguished history before its demise, after it was launched by Ken Slade almost 70 years ago.

More than 20 employees were made redundant by the closure.

The report, released by the Insolvency Service, also shows that just two weeks before the company ceased trading, Colin and Margaret Slade were paid £87,475 in two payments, despite being advised against the payment by the insolvency practitioner as it was at the creditors' detriment.

The report, which also highlighted a payment made to the company by Colin and Margaret Slade of £87,545 in October 2010.

One firm that was left massively out of pocket was Stoneman Engineering, which was owed £181,380 by the firm.

Rob Stoneman, who owns the firm and has managed it for the past 40 years, said that although his firm has survived, it had been a struggle.

Mr Stoneman said: “The bans are not going to affect them on bit.

“I’m just disappointed really, it was a massive stitch up.

“£181,000 is a lot of money, and it did affect us quite badly but luckily I was prudent enough over the years to keep some funds in the bank which meant we were able to deal with it, but it was difficult.

“There were a few firms that really struggled, but it’s the whole system and how it works.

“I’m used to it on smaller scales, with smaller contractors, and it has made me a bit cynical so I have tried to forget it but it’s very annoying and it’s not right.

“I just think that every dog has his day and I can sleep at night, but I don’t know if they can.”

William Stewart, who owns WJ Stewart painting and decorating firm, was owed £60,000 by the firm. He said that only now, almost three years later, is he able to move on financially.

He said: “The bans are not enough really, it affected me a great deal.

“I am only now just getting over it financially, I had to put a lot of my own money into the business to keep it going, it’s taken me a lot of time but I’m now moving on from it.

“I am still very angry about it.

“I am pleased they will not be able to be directors again, but it doesn’t stop them from working.

“It was the first contract I’d ever done, and I was always chasing them for payments, right up until the last two months when they stopped paying. I was personally promised I would get paid but I didn’t.”

Graham Churchill, from Top Line Glazing in Ilton, was owed £30,000 by the company.

He said: "So much went on, it feels like it was a deliberate set up from the word go.

"The bans are nothing like enough."

Lee Slade said he did not want to comment on the story when approached by the Chard and Ilminster News.