Duncan Bannatyne was robbed of £8m by gambling addict

A finance director who took almost £8m from TV star Duncan Bannatyne’s gym business has been jailed for four years and eight months.

Gambling addict Christopher Watson, 46, took huge sums from Bannatyne’s Fitness Limited over a period of years to cover his debts with major betting firms, Teesside Crown Court heard.

The married father of three from Darlington admitted one count of fraud, representing him taking £7,974,221 between 2008 and 2014.

He also admitted five counts of transferring criminal property, representing homes he bought in the Darlington area, with the stolen cash.

Bannatyne, best known for his role in the Dragons’ Den BBC series, was not in court.

However, in a statement read out by the prosecution, he said: “I’m shocked and appalled at the callous actions of Mr Watson.”

The entrepreneur said he had raised the issue of increasing some staff’s pay from the minimum wage level at meetings, but “Chris Watson argued cash flow would not allow it”.

Watson made 162 fraudulent transactions from Bannatyne’s Fitness, and used the money to finance his gambling.