Property tycoon's comeback venture sinks after four months

Property tycoon's comeback venture sinks after four months




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Celebrity property tycoon, Grant Bovey, has been forced to admit defeat once more, as his new property group is wound up after just four months trading.

Last year Mr Bovey’s buy-to-let empire, Imagine Homes, folded owing hundreds of creditors over £50 million in total. The Distressed Property Company was his comeback venture, designed to market new homes that the property slump had made impossible to shift.

However, it emerged that earlier this month Mr Bovey and his business partner, Neil Barnett, started the process of winding up the business.

Although this firm has left no debts, Mr Bovey – who is also well known for being the husband of TV presenter Anthea Turner – blamed the ongoing depressed state of the property market for its demise.

The Distressed Property Company launched in May, accompanied by a sophisticated website and the aim to market luxury properties worth between £200,000 and £1 million.

Critics slammed the £250 “joining fee” that potential investors had to pay in order to view pictures and film clips of distressed properties, and questioned why investors and developers would pay commission to the company when they could buy and sell direct.

Despite guaranteeing at the time of launch that the ill-fated venture would “never have financial difficulty”, Mr Bovey remains upbeat about his return to the property market, having spoken about its collapse last week, adding: “I am involved in another sizeable project. It is still difficult out there, but I believe it is slightly better. The new thing I’m working on is intriguing and fascinating but I don’t want to talk about it at the moment.”

Let’s hope it’s a case of third time lucky for Mr Bovey’s next “intriguing and fascinating” project.

 

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