A fresh crisis looms for the Grand Designs presenter Kevin McCloud after attempts to restructure property bond investments in his housing empire failed.
Hundreds of investors – who were told last month they could face losing up to 97% of their money – were in effect warned that if they did not back the restructuring, one of the firms in McCloud’s empire was at risk of being wound up or falling into insolvency.
It has now emerged that the proposals were not approved, with the directors considering their “next steps”. One investor – who put in several thousand pounds – said: “The whole thing is a shambles.” She added: “Obviously I would never have invested if I’d known that Kevin McCloud would bail out early and bondholders would be left carrying huge losses.”
A fresh crisis looms for the Grand Designs presenter Kevin McCloud after attempts to restructure property bond investments in his housing empire failed.
Hundreds of investors – who were told last month they could face losing up to 97% of their money – were in effect warned that if they did not back the restructuring, one of the firms in McCloud’s empire was at risk of being wound up or falling into insolvency.
It has now emerged that the proposals were not approved, with the directors considering their “next steps”. One investor – who put in several thousand pounds – said: “The whole thing is a shambles.” She added: “Obviously I would never have invested if I’d known that Kevin McCloud would bail out early and bondholders would be left carrying huge losses.”
Click here to read the full article (£)
