Alleged thief Peter Barlow has claimed he turned down the chance to earn upwards of £40,000 a year to help his client and close friend Edward Hickson.

The prosecution allege he stole about £400,000 from the former director of Hazelwood Foods PLC by taking advantage of his marital problems.

But Barlow, 57, claimed in evidence he did not act dishonestly in using his client's shares to fund his family's living expenses.

Giving evidence at Leeds Crown Court, the York financial advisor claimed Mr Hickson knew and approved of him selling the shares to pay school fees, other family expenses and property deals.

Barlow of Tadcaster Road, Compmanthorpe, alleged he had a reasonable style of life which he expected to continue.

He denies 11 charges of theft.

The financial adviser alleged that he could have earned between £40,000 and £50,000 a year from his York-based firm, but was unable to do so because he was devoting about 80 per cent of his time advising Mr Hickson on his love triangle difficulties and financial matters.

Mr Hickson told him he would not lose out.

In the late 1980's Mr Hickson gave shares to Barlow and his family to minimise his capital gains tax with an agreement on how he was to be paid back.

Barlow used them on school fees and other living expenses and to help fund the purchase of two Copmanthorpe houses, which he needed for a land development scheme.

These shares do not form part of the charges, but the prosecution accuse him of stealing the value of other shares which Barlow also allegedly used on living expenses.

Barlow claimed that he transferred the Copmanthorpe properties to his son Simon, but only used part of the son's name to disguise the family's involvement in the property.

Later, for legal reasons, he put the son's full name on the legal documents.

He claimed that he and Mr Hickson were 'like brothers' and he did not want to take advantage of the relationship.

By 1990, he had planned to more or less leave the financial services industry and go into land development, in which he had 14 years experience.

He claimed he used money from one of Mr Hickson's insurance policies to buy a new office for himself in Carr Lane, Acomb.

And he regarded the property as belonging to the relatives of deceased Brandsby farmer Alec Ingham, and he had set up a trust for them.

The money in the trust, for which he was trustee, he regarded as belonging to Mr Hickson.

Eight of the charges Barlow faces allege that he stole a total of £96,000 from the Ingham trust, including the money he alleged he used as a deposit for the Acomb house.

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