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Garrington Home Finders

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"When it folded in February Garrington Home Finders owed creditors £576,052"

"Television property expert Phil Spencer's company owed more than £500,000 when it went into administration.


Creditors include Lloyds TSB, which is owed £141,400. The Inland Revenue is also said to be owed £185,000. "

"There is no suggestion Spencer, 39, broke any laws"

Strangely enough I just saw this:


"Our background differs slightly from many other buying agents and we feel our approach does too. Garrington was originally founded by property expertPhil Spencer to offer a new way of finding property"


"Presented by Garrington's original founder Phil Spencer"


"Garrington was originally founded by property expert Phil Spencer to offer a new way of finding property. The model of Estate Agency was designed to suit the needs of people who had property to sell"


"However, the continuing fall in housing transactions forced Spencer to take the final decision to conclude Garrington Home Finders Ltd and went into administration. At this point Garrington Country Ltd then purchased full rights to the intellectual property and some assets of the old business and has carried on trading throughout the UK."

There doesn't seem to be any current link betweem them and phil spencer except they mention his name on their website.

What it does confirm is that Phil Spencer was an estate agent..he's now on TV pushing properties.

What irks me is that despite the fact his company went bust leaving £500K in unpaid debts a new version of it is still trading and even reference the original founders name, like that's a good thing.

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Phil Spencer IMHO is a confidence trickster on a higher level to the property magnate Raj Shastri mentioned in another thread.

I have no assets myself, a few hundred quid in the bank and a nice shiny new merc sitting on drive (in the wife's name). *All I need to do is put on a sharp suit then set-up a high turnover (vanity), low margin business that will flatter all kinds of suppliers into offering trade accounts payable on 60 days and call in the administrators ppulling the rug on my suppliers at a later date. It's just a question of what to sell... houses or iPhones??

What happened to that £500k that kind of money doesn't just vanish into thin air?

I'm too honest but I bet many companies in this way are set-up to fail ;)

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