Location, Location host Phil Spencer's property firm goes bust

Published 18th Feb 2009

Phil Spencer's property company is the latest victim of the housing slump

Property expert Phil Spencer's homefinding business has finally gone bust.

The presenter of Channel 4's Location, Location, Location had put his own money into Garrington Home Finders in a bid to save it.

But all ten members of staff at the Chelsea-based company have now been laid off and the firm has gone into administration.

The property slump forced the guru to scale down his business empire last year and less than 12 months after its glitzy launch, Garrington closed its Cheshire office in November.

But more cuts were forecast by the London-based business, a firm used by stars such as Kylie Minogue and Keira Knightley.

Two weeks ago a worker lost his job and was told to claim state redundancy and the presenter admitted he had been personally paying staff for the past six months.

It was believed that Garrington, of which Spencer, 39, is founder and director, was in talks with accountants Menzies Corporate Restructuring, which handled the collapse of MFI.

A buyer was being sought, but no one was found and Garrington is now going under.

Spencer and his wife Fiona, 40, founded the firm in 1996 and are its sole directors. Spencer co-presented Channel 4's Location, Location with Kirstie Allsopp

The company helps clients find a new home and assists them with the buying process, as Spencer and co-presenter Kirstie Allsopp do on their Channel 4 show.

Mr Spencer admitted the crunch had hit Garrington like any other property company.

Source: ' Daily Mail '

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