Property Investment
Raymond and Danny Grehan declare bankruptcy.
Source: Reuters
Colliers commercial property consultancy lay off 70.
Quoted from Business Scotsman
Commercial property consultancy Colliers CRE said it planned to make a further 70 staff redundant after activity in the sector plummeted, causing a 33 per cent drop in revenues for 2008 to £78 million.
The company, which has offices in cities including Glasgow, Manchester, Bristol and Belfast, said the majority of the lay-offs would be in London, where it has its headquarters.
Job losses: 70
Inside Track enters administration.
Quoted from Investment Markets
Inside Track, the company which enticed potential buy-to-let entrepreneurs via its property seminars, has gone into administration.
The firm pledged to transform a generation of Britons into ‘property millionaires’. However, before the company was placed into administration, a number of its customers had threatened legal action against it after losing thousands of pounds on failed investments.
Inside Track blames the credit crunch for its collapse as banks tighten up on buy-to-let lending, effectively ending 100% loans. Profits for the group three years ago were as high as £12m, but internal management accounts for the nine months to January 31 this year show income of just £239,000, with a £97,000 loss in January alone.
No more of those silly annoying adverts on the radio.
Job losses: unknown
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