A former building company boss has admitted stealing £378,000 from his firm.

Peter Spoors was the managing director of Miller Homes North East at the time of the thefts, which it is thought he carried out by misusing company cheques.

The 51-year-old of Front Street, Frosterley, County Durham, pleaded guilty to seven charges of obtaining a money transfer by deception between August 1998 and January 2002 at Newcastle Crown Court yesterday.

Sentence was adjourned for the preparation of a pre-sentence report and Spoors was granted bail in the meantime.

But Judge Esmond Faulks warned him: "You must obviously realise the overwhelming likelihood will be a substantial prison sentence for such dishonesty."

Mr Spoors was arrested at his home after a complaint from the company following an audit after he left the firm.

Prosecutor Robert Adams told the court yesterday there would be no confiscation hearing following the criminal proceedings as the company is pursuing Spoors through the civil courts.

His assets have already been seized.

Spoors had been appointed regional director when the company set up an office in North Tyneside eight years ago.