Phil Spencers company owed £500K

bo_drinker

Location, Location, Location star Phil Spencer's company owed £500k

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By Tom Pettifor 14/04/2009
PHIL'S TURMOIL

TV property expert Phil Spencer's failed company owed more than £500,000 when it went bust.
The full extent of the Location, Location, Location star's financial turmoil was revealed in administrators' documents signed by him and seen by the Mirror.
His firm, Garrington Home Finders, owed creditors £576,052 when it folded in February.
The business, which helped wealthy clients find new homes, managed to complete just one deal in the final quarter of 2008.
Creditors included Lloyds TSB, owed £141,400, landlords Chelsea Harbour Ltd, owed £21,218 and the London Borough of Hammersmith and Fulham, £4,534 out of pocket.
The taxman is owed £185,000 and GHF also has outstanding debts with BT, EDF Energy, E-on Energy and its stationery suppliers. It had a £170,000 overdraft at the Queen's bank Coutts when it went bust.
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There is no suggestion Spencer broke any laws but as a matter of routine his actions will be investigated by the administrators.
The 39-year-old had been paying staff out of his own pocket in a desperate fight to keep the project going.
But all 10 employees at the Chelseabased company were laid off and the firm went into administration.
Spencer co-founded GHF with his Australian wife Fiona, 40, in 1996. Clients have included Keira Knightley, Kylie Minogue and Tottenham footballer Jonathan Woodgate.
Papers reveal the company's turnover increased between 2004 and 2007 from £653,474 to £2,195,442. But things went badly wrong last year with the collapse of Lehman's.
When GHF went into administration, dejected Spencer said: "I have, together with others, fought tooth and nail to keep the company alive and keep everyone in jobs."

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bo_drinker wrote: »

TV property expert Phil Spencer's

I had to stop reading after spitting out my tea at the above comment. The term 'expert' is banded around far too much these days by the media, the above comment is a prime example.

pickles110564

ad9898 wrote: »

I had to stop reading after spitting out my tea at the above comment. The term 'expert' is banded around far too much these days by the media, the above comment is a prime example.

Ad, he was a good tv presenter though.

VfM4meplse

Seemed a bit more down to earth than his co-presenter.

97trophy

Wow! very interesting.

ad44downey

Phil Madoff should be stripped of all his assets and thrown in a debtors' prison. You can't let these chancers away with it.

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pickles110564 wrote: »

Ad, he was a good tv presenter though.

I agree, he wasn't bad, certainly a million times better than his useless sidekick. So maybe a better start to the article would "Expert TV presenter, Phil Spencer......":D

Plasticman

ad9898 wrote: »

The term 'expert' is banded around far too much these days by the media....

I know what you mean. 'Property Expert' Phil Spencer, 'Moneysaving Expert' Martin Lewis - they are all at it.

baby_boomer

ad44downey wrote: »

Phil Madoff should be stripped of all his assets and thrown in a debtors' prison. You can't let these chancers away with it.

Sharia law has a more appropriate punishment which would save taxpayers' the expense of housing him.

Isn't language odd. My inititial reading of the title was that Phil Spencer was owed money.

bo_drinker

ad9898 wrote: »

I agree, he wasn't bad, certainly a million times better than his useless sidekick. So maybe a better start to the article would "Expert TV presenter, Phil Spencer......":D

His useless sidekick has her own new show starting soon.

1984ReturnsForReal_2

bo_drinker wrote: »

His useless sidekick has her own new show starting soon.

"How to deal with repossession"?


Would they really listen to her twice?


Probably :eek: