Stephen Lawrence and Mark Starling allegedly used money from their recruitment business to buy a sports car and high-tech stereo equipment, a court heard on Tuesday.

Southwark Crown Court heard that Starling allegedly received £53,908 from a third party using UCAT Recruitment’s account, which payrolled the staff of IT recruiter Quo Vadis Technology Limited (QVTL), to pay for a Porsche 911 Cabriolet.

The court was also told how police found a receipt for Bang & Olufsen stereo equipment worth £12,890 at his home on the day of Starling’s arrest, while co-defendant Lawrence paid £18,000 for a new watch, according to receipts found at his home. Both men were arrested on 24 January 2007.

The men, from the Chelmsford area, deny conspiring to defraud RBS. The trial continues.