The dangerous materials were stripped out by workers unqualified to do the job and unaware of the risks to their health.

Stephen Davies, 59, had set up Cavendish Winchester Ltd with the sole purpose of refurbishing the Winnall Close commercial unit into student rental accommodation.

His co-director Neil Bolton, 56, was spared an immediate spell behind bars when he was handed a four-month suspended sentence at Southampton Crown Court yesterday.

The company itself was fined £30,000 – with all three defendants pleading guilty.

The investigation arose when HSE received a concern that large quantities of AIB had been illegally removed. The work was all carried out under the direction of Davies.

The court was told both directors were aware of the considerable extent and quantity of the materials containing asbestos within the building, as they had previously sought legitimate quotes for its competent removal.

But they chose to save a considerable sum of money by avoiding properly planned, safe removal, by a Licenced Asbestos Removal Contractor.

They knowingly exposed workers to significant risks to their health. In addition, the investigation was unable to determine where a very sizeable quantity of asbestos-contaminated debris ended up, such that others in the waste removal chain were likely to have been put at risk too.

All defendants pleaded guilty to charges relating to a lack of adequate management of the removal of asbestos-containing materials.

Davies, of Petworth, West Sussex was given an immediate custodial sentence of eight months in prison.

Bolton, of Petworth, West Sussex was given a custodial sentence of four months, suspended for 12 months, with 250 hours of unpaid work and ordered to pay costs of over £5,123.