Phil’s company owed half-million when it went bust

Location, Location, Location presenter Phil Spencer isn’t immune to the effects of the recession – his failed company owed more than £500,000 when it went bust.

The Daily Mirror reports that the Channel 4 property expert’s firm, Garrington Home Finders, owed creditors £576,052 when it collapsed in February.

GHF helped wealthy clients including Kylie and Keira Knightley find new homes, but 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 also had a £170,000 overdraft at the Queen’s bank Coutts when it went bust.

There is no suggestion Spencer broke any laws, but as a matter of routine his actions will be investigated by the administrators.

Phil, 39, had been paying GHF’s 10 staff out of his own pocket in a desperate fight to keep the project going.

When GHF went into administration in February, Phil said: “I have, together with others, fought tooth and nail to keep the company alive and keep everyone in jobs.”

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