A YOUNG 'prodigy' caught driving his brand new £70,000 Porsche at almost double the speed limit near a Poole school has been banned from the roads.

Entrepreneur Mitchell Stuart, the founder of Bournemouth-based company Inferno Media, was lambasted by magistrates after he admitted driving at 55 miles per hour in Lilliput Road shortly before 3pm on Tuesday, June 5.

The 21-year-old, who claimed a top award for his business acumen three years ago and recently told a national newspaper he prefers to travel by private jet, had been rushing to a meeting when he was caught by PC Kier Dagnall.

On Monday, Stuart told a court that he shouldn't be disqualified from driving because his business could collapse and he could be forced to declare bankruptcy, adding: "Honestly, I'm screwed."

But after learning the defendant already has six points on his licence, magistrates' chair Martin Arthur told Stuart, of Brudenell Avenue in Sandbanks: "We feel you need a short, sharp shock."

Richard Withey, prosecuting, said PC Dagnall had been carrying out speed enforcement checks near Lilliput C of E Infant School when he stopped Stuart.

The defendant immediately accepted he had been driving too fast and told the officer: "I don't know what I'm thinking."

Stuart was represented in court by London barrister Archangelo Power, who specialises in serious crime including murder and armed robbery.

Mr Power said if the defendant were to be disqualified, he would "lose his job" and "have to make others redundant."

"[Stuart] was not speeding for sheer enjoyment," he said.

"He was late for a meeting. His business is in heavy arrears of some £50,000. This is a young man of previous good character who is also a school governor and has done his level best to work since he was 16.

"He is one of those start-up child prodigies."

As a result of his business troubles, Stuart has recently taken a job with 4Com in Christchurch. Stuart's contract will be terminated if he cannot drive, the court heard.

Mr Power said the defendant employs five people, arguing the loss of their jobs could constitute 'exceptional hardship'.

However, Mr Arthur said: "It was a brand new Porsche. He is 21 years old. He is £50,000 in arrears.

"That car probably cost more than £50,000.

"It's probably that sort of thing that's causing the business problems."

The court heard Stuart was given the car as a present by his father. He has since sold it, it was heard.

However, in his interview with the Guardian, which appeared in April this year, he claimed to have bought a £70,000 Porsche himself.

Mr Arthur said: "He cannot drive in this manner through this conurbation, or any conurbation, and not have an accident and maybe kill someone."

Magistrates allowed Stuart the chance to speak at the hearing.

He told the court he had started his company after leaving school with "the minimum of GCSEs."

"I was completely stupid," he said.

"I was under massive pressure and I didn't want to be late for a meeting.

"I knew it was something that was going to help my business survive. But there are no excuses."

Mr Arthur said: "Your company isn't going to fail because you were speeding.

"If it's going to fail, it's going to fail."

Stuart was banned from driving for 30 days and ordered to pay an £816 fines, an £81 surcharge and £85 costs.

After the hearing, Stuart ran from the court with a coat over his head and jumped into a BMW, which pulled away from the kerb at speed with its tyres screeching.