AN ECO-friendly housing scheme set up by TV property expert Kevin McCloud may be on the brink of collapse — costing investors a fortune.
The Grand Designs host encouraged viewers to put cash into his Happiness Architecture Beauty project amid promises of nine per cent a year returns.
But about 650 investors who put in £1.9million in 2013 — then a crowdfunding world record — have yet to receive a penny.
And the firm has admitted that those who put a total of £2.4million into one bond in 2017 will lose between 74 per cent and 97 per cent in a worst-case scenario.
Letters sent out in recent weeks said HAB will be unable to trade without further and immediate funds. It now plans a restructure which will mean no returns until 2024 at the earliest.
The biggest investor is McCloud, 60, right, who has hosted the Channel 4 show since 1999 and founded HAB in 2007.
Two years ago he urged people to “join our community of like-minded investors” in green housing.
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Yesterday he said: “I stand shoulder to shoulder with those who have lost money. I will do everything in my power to improve the situation.
“I placed my faith in past management.
“Business is tough and, even if you have a skilled team and strong backing, other circumstances can pull the rug from under you.”
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