A company boss who swindled more than £1.5m to fund an online gambling addiction has been jailed for five years.

Graham Taylor, 66, stole the sum over a period of four years while working for NEMA Ltd, an engineering firm where he worked as finance director.

Taylor’s thefts were so large they nearly caused the firm, based in Chichester Business Park, Rochdale, to go under.

Bolton Crown Court also heard how he had taken multiple cash withdrawals from his mother’s bank account while she had dementia.

He pleaded guilty to four counts of theft from employees relating to NEMA Ltd between 2007 and 2011 and two counts of fraud by abuse of position relating to claiming his late mother’s estate.

Taylor used a variety of methods to take the money from NEMA – including transferring it through the books of Newtown National Club, a sports and social club where he was secretary.

He also gave himself a £72,000 pay rise.

Locked up in Greater Manchester in August '12

In 2010 staff were put on short-time and other directors worked without pay.

Prosecuting, Andrew McInnes said: "At this stage NEMA was a matter of weeks away from going into receivership."

An internal investigation was launched and the company’s own accountants discovered the theft.

When interviewed by the company in October 2010, Taylor, of Hanover Street, Castleton, Rochdale, admitted that he had taken the money to fund internet gambling. He offered to pay back £100,000 in exchange for not contacting the police.

But police were called and Taylor was arrested in March 2011. At the time he had joint power of attorney over his mother Doris Taylor’s assets. Mrs Taylor had died the previous month.

Two days after her death Taylor wrote a cheque to himself from his mother’s account for £3,000.

It later materialised that while she was suffering from dementia, he had taken multiple cash withdrawals from her bank account and made payments to King Jackpot UK.

Further police investigations found that while she was alive Taylor took £11,900 from his mother’s estates and a further £5,347 after her death to fund his habit. Taylor repaid £826,958 ahead of his sentencing, which included £185,000 after he sold his home.

The net loss to NEMA was calculated to be £726,678.

When he was sentenced, a round of applause broke out from dozens of members of the club and employees of the company who were sitting in the public gallery.

Recorder Timothy Stead said: "You worked yourself up to financial director in early 2004.

"With that appointment came considerable trust and reliance by those who earn their livelihood from that company.

"It is to your shame and discredit that you not only breached that trust, but you did so repeatedly over a number of years on a scale that can only be described by normal standards as breathtaking."

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