Paul Varty (48), of Eakring Road, Wellow, was convicted by a jury at Nottingham Crown Court of 11 counts of theft and one of false accounting.

The jury found him not guilty of a further three counts of theft following a three-week trial on Thursday.

David Clarke (56), of Central Avenue, Worksop, gave evidence for the prosecution during the hearing and had already admitted his involvement.

The court was told the money was taken from Midland Preventative Maintenance Ltd, based in Warsop and Mansfield.

The company was involved country-wide in the monitoring of machinery and the money was taken over six years up to September 2003.

Clarke, who left the company in 2001, was the sales director and stole more than £60,000 in three years.

Varty was the finance director and was alleged to have stolen about £150,000 before the company went into receivership.

Judge Tony Mitchell adjourned the sentencing of both men until 10th October for a report to be prepared.

Clarke is already on bail and Varty was bailed with a surety of £10,000 and ordered to hand over his passport.