Anthea's hubbie loses his imagination
Wednesday, October 22, 2008

Grant Bovey, who once claimed his company Imagine Homes was Britain's largest buy to let business, has lost control of the company...

The Daily Mail reported recently that the 47 year old, who is the husband of television celebrity Anthea Turner, has had to let HBOS take over the business. Bovey no longer has a financial stake.

He is now a consultant for Imagine Homes UK which looks after the selling and marketing of properties.

It was reported that Bovey's property empire had been hit by the credit crunch and that he was forced to let the business go for strategic reasons.

Just six months ago, Bovey was quoted as saying, "I will sue anyone who says that Imagine Homes is in financial difficulty."

The warning followed media speculation that he and Ms Turner, 48, cancelled their annual summer charity ball because the business was struggling financially.

The Imagine Homes business model was to buy properties from developers and then sell them on to investors with guaranteed rental income. The company charged a management fee of 10 percent of the rent for a period of two years.

The business is said to have generated a turnover of £53 million in its financial year that ended in 2007, but records show it still made a loss of £6,429,926.

The recent fall in house prices is believed to be behind the decision by Bovey to let HBOS take over the business.

Source: Residential Landlord