A FORMER building executive who plundered his company's coffers to fund his obsession with fast cars has started a three-year jail sentence.

Peter Spoors was managing director of Tyneside-based Miller Homes, when he stole nearly £380,000 to pay for expensive sports cars, a house in France and double glazing for his family home in Front Street, Frosterley, County Durham.

The 51-year-old father-of-three was sentenced at Newcastle Crown Court on Friday after pleading guilty at an earlier hearing to seven charges of obtaining a money transfer by deception between August 1998 and January 2002.

The court took into account his admission that he committed another 21 similar offences, bringing the total amount taken to £378,368.

With his home and other assets up for sale, he will be able to pay back £260,000, his lawyer Christopher Dorman O'Gowan told the court.

Spoors' deception began in September 1998 when he bought a £3,750 Sunbeam Tiger, claiming the money was for a site finder's fee for land in Consett.

Later he used a £33,000 cheque to buy a Lotus Esprit, telling the company it was for sponsorship.

A £25,000 cheque went towards buying a £33,000 Mercedes SL320, the other £8,500 came from part-exchanging a BMW bought with an earlier company cheque.

In January 2002, shortly before he left the company, he used a £16,750 cheque to pay for a Lotus Elan.

Spoors was arrested last August after his company passed on findings from an internal investigation to Northumbria Police.

Judge Beatrice Bolton told Spoors that the sentence was the minimum available and took account of his early admission of guilt.

"You bought double glazing, a house in France and various motorcars. That appears to be a hobby you had that you could probably ill afford but you were able to pursue using your employers' money. This is a very serious breach of trust."