Paul Varty (48), of Eakring Road, Wellow, was living way beyond his means, it was alleged at Nottingham Crown Court.

He denies 14 counts of theft and one of false accounting in relation to Midland Preventative Maintenance Ltd (MPM).

The company was involved countrywide in monitoring the condition of machinery.

Prosecutor Martin Hurst told the court Varty –– who is alleged to have stole more than £150,000 –– was the finance director and effectively managing director.

The jury has been told sales director David Clarke (56), of Central Avenue, Worksop, stole more than £60,000.

Clarke, who left the company in 2001, admitted the offence in October last year and is awaiting sentence.

The jury was told money went missing from the company in the six years up to September 2003.

Cheques were written out to cash and the company credit card was used regularly to make withdrawals from hole-in-the-wall machines, said Mr Hurst.

The company finally went into receivership, but other people have quite properly continued the business under another name.

Clarke, giving evidence for the prosecution, admitted stealing more than £60,000 over three years and revealed Varty told him he would account for the money as company expenses.

The trial, which began last week, is expected to last up to three weeks.