Sunday, Mar 28, 2010
Next step in the long running BtL story
Independent: Bovey’s buy-to-let business is put on the market
"It is understood that the portfolio could be worth around £100m – that was the value of the business before Grant Bovey faced three high court writs as a result of the financial crisis. Mr Bovey, who once lost a televised celebrity boxing fight to comedian Ricky Gervais, was declared bankrupt earlier this month".
Posted by alan @ 01:55 PM (1318 views) Add Comment
6 Comments
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1. will said...
Why would anyone want to pay £100 million for a bankrupt business? I expect the banks will seek another fool to take on his debt.
2. mick rupert said...
@will (1)
Quite right. In parallel happenings, I noted those mythical buyers for the Wilsons' business evaporated. They were set to buy the job lot in one go.
So that's two BTL empires crumbling right now. Any others aside from Bovey and the Wilsons?
Could this flood of suddenly-available property to buy herald the commencement of the double dip?
Spring is the air for the bear!
3. taffee said...
its not even a business....never made any money never will....its a portfolio of crap overpriced property
4. paul said...
Imagine was backed by HBOS, the failed bank
Failed backers, failed leader, failed business model.
FAIL FAIL FAIL.
5. fallingbuzzard said...
@3, spot on. I would disagree with most of the figures in the Independent articles. Lloyds is on the hook for £40m or thereabouts of debt and £30m debt or thereabouts with other banks. After fees, they should cover this, just.
6. Crunchy said...
Looks like a fat and juicy deal for the taxpayer.
The mystery buyer?