Noel Edmonds sues over failed Devon property investment

Game show host Noel Edmonds is suing two former investors for £412,000 over a failed property development deal in Devon. Edmonds, who hosts Deal or No Deal on Channel Four, issued a High Court writ against Ulrik and Judy Lawson with whom he had been planning to purchase and redevelop as flats country estate Wood House in South Tawton, Devon. According to the claim, Edmonds and the Lawsons bought the listed estate in March 2006 for £2.1m and aimed to redevelop it as 26 homes. Edmonds put £300,000 into the deal. The Lawsons paid another £300,000 and the remainder of the purchase price was provided by bank loans. However, Edmonds claims that, 18 months later, in September 2007, the couple stopped paying their share of costs and had breached their agreement to develop the property. Edmonds sold the house in August 2008 for £2m and the money returned to both parties. However, Edmonds claims that the actual amount that he received was only £52,500 owing to the costs that he had incurred on the property. The Lawsons, on the other hand, received their full £300,000 and the loans were repaid. He is therefore suing the couple for £412,000 to cover his initial investment and costs incurred.