A Trecwn businessman who "robbed Peter to pay Paul" has been made the subject of a suspended prison sentence.

Matthew Andrew Creed, aged 50, transferred £166,000 without telling the bank he owed more than £300,000 to.

His main company, Pembrokeshire Estates Ltd., later went under and after Natwest had sold the firm's properties the bank was still owed £222,400.

Creed, of Ordnance House, was convicted after a trial of four offences under the Insolvency Act.

They were of making transfers of £114,000 to Gwaun Developments and £8,000 to AAA Management Ltd., two of his other companies, £25,000 to Annette Marshall, his aunt, and £19,000 to Nicola Creed, his then wife.

The court heard that Pembrokeshire Estates suffered a fire at one of the firm's properties. The firm received an insurance payout of £247,786 but Creed paid the money into a new Santander account Natwest were not aware of.

Creed secretly made the offending payments from that account leaving Pembrokeshire Estates in financial difficulties.

His barrister, Paul Hobson, said Creed had not spent the money on high living but in a desperate attempt to keep his businesses afloat.

He had always intended to repay mortgages taken out with Natwest and his dishonesty took place when both his businesses and his marriage were heading for the rocks.

Creed, he said, had been made bankrupt and had signed an agreement not to act as a company director before 2025.

Mr Hobson said Creed now had a job with an internet marketing company and earned £680 a month.

The Judge, Mr Recorder Peter Griffiths, told Creed he had robbed Peter to pay Paul and if he suspected he had spent creditors' money because of personal greed he would be going to jail.

He told Creed, who arrived in court with a bag ready for jail, he had driven a coach and horses through the Insolvency Act but he accepted he had found himself in a desperate situation.

Creed was jailed for 12 months, suspended for two years, and ordered to carry out 80 hours of unpaid work for the community.

He was also ordered to contribute £1,000 at the rate of £100 a month to the costs of his prosecution.