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US NewsPensioner couple, 71, 'will sue' Kevin McCloud's housing business, as troubled firm founded by Grand Designs star says it WON'T return money until 2024 despite warning bondholders could lose 97p in the £1

13:30  07 september  2019
13:30  07 september  2019 Source:   dailymail.co.uk

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' will sue ' Kevin McCloud ' s housing business , as troubled firm founded by Grand Designs star says it WON ' T return money until 2024 despite HAB Land now says the £ 2.4m investment could be worth as little as £ 69,000. The Tilsons demanded their money back last October but have been

KEVIN MCCLOUD ’ S ‘dream house ’ has gone on the market for £ 1 million - the Grand Designs home, which includes impressive countryside views, was built Kevin McCloud ' s 'dream house ' has gone on sale for £ 1 million. Richard and Pru Irvine have put their Pathead, Midlothian, Scotland property on the

Pensioner couple, 71, 'will sue' Kevin McCloud's housing business, as troubled firm founded by Grand Designs star says it WON'T return money until 2024 despite warning bondholders could lose 97p in the £1 © Getty Kevin McCloud Pensioners who invested a large part of their savings in Kevin McCloud's housing company because they trusted the television presenter are planning to sue the troubled firm claiming it is withholding repayment of their money.

It comes as building businesses founded by the Grand Designs star find themselves in catastrophic trouble and have written down the value of millions of pounds worth of small investors' money.

Two years ago Philip and Susanne Tilson, both 71, invested £10,000 they had carefully set aside into a bond scheme run by HAB Housing Ltd, founded by Mr McCloud.

Pensioner couple, 71, 'will sue' Kevin McCloud's housing business, as troubled firm founded by Grand Designs star says it WON'T return money until 2024 despite warning bondholders could lose 97p in the £1 © Provided by Associated Newspapers Limited Two years ago Philip and Susanne Tilson, both 71, invested £10,000 they had carefully set aside into a bond scheme run by HAB Housing Ltd, founded by Mr McCloud But now they say the firm, which last month warned bondholders they could lose as much 97p in the pound of their capital, is refusing to honour an early repayment request they submitted a year ago.

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Kevin McCloud , Grand Designs . He revealed: “I can ’ t believe there is a house anywhere on the planet without some redeeming feature. As featured on Channel 4' s ' Grand Designs ' this dream home set in the beautiful Scottish countryside is on the market for under a £ 1 million.

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Pensioner couple, 71, 'will sue' Kevin McCloud's housing business, as troubled firm founded by Grand Designs star says it WON'T return money until 2024 despite warning bondholders could lose 97p in the £1 © Provided by Associated Newspapers Limited Grand Designs presenter Kevin McCloud personally marketed the bond to potential investors Mr Tilson told MailOnline: 'This was a significant part of our pension savings which the company now seems intent on holding onto and we intend to take legal action to force the company to honour the contract.'

Pensioner couple, 71, 'will sue' Kevin McCloud's housing business, as troubled firm founded by Grand Designs star says it WON'T return money until 2024 despite warning bondholders could lose 97p in the £1 © Provided by Associated Newspapers Limited In a personal letter to investors (excerpt pictured above) Mr McCloud said the bond would produce 'healthy returns that are economic, social and environmental'

When the small business wanted to raise capital in 2017 it issued a 'mini bond' to small investors, who put in anything from a few thousand pounds to £200,000.

In total the bond issue raised £2.4 million.

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Mr McCloud personally encouraged investors to part with their money, writing the bond would: 'directly fund our schemes and yield healthy returns that are economic, social and environmental.'

He added: 'I really hope you feel excited to join us on that adventure.'

The five-year bond promised annual returns of eight per cent, but the contract also gave investors the right to withdraw their money early if they should wish.

Last October the Tilsons wrote to HAB to exercise their contractual right to withdraw their cash - but they had to wait five and a half months for a reply.

Pensioner couple, 71, 'will sue' Kevin McCloud's housing business, as troubled firm founded by Grand Designs star says it WON'T return money until 2024 despite warning bondholders could lose 97p in the £1 © Provided by Associated Newspapers Limited Building businesses founded by the Grand Designs star (pictured) have found themselves in catastrophic trouble and have written down the value of millions of pounds worth of small investors' money When it came the letter informed them HAB was exercising its own right to defer their early repayment a further six months - to October 2, 2019.

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But then last month the company wrote to propose a restructuring which would prevent any investor receiving an interest payment or cashing out any money until 2024 at the earliest.

Pensioner couple, 71, 'will sue' Kevin McCloud's housing business, as troubled firm founded by Grand Designs star says it WON'T return money until 2024 despite warning bondholders could lose 97p in the £1 © Provided by Associated Newspapers Limited Grand Designs presenter Kevin McCloud has said he will do 'everything in my power' to 'resolve the current situation' The company also warned investors: 'After final completion of the projects ... the net return available to bondholders would be expected to range from £606,000 (best case) to £69,000 (worse case) which, in each case, is equivalent to 26 pence and 3 pence for every £1 of bond monies invested'.

It means investors stand to lose between 74 per cent and 97 per cent of their capital.

The Tilsons challenged the company's announcement but have had no reply.

Pensioner couple, 71, 'will sue' Kevin McCloud's housing business, as troubled firm founded by Grand Designs star says it WON'T return money until 2024 despite warning bondholders could lose 97p in the £1 © Provided by Associated Newspapers Limited HAB (artist's impression of planned development, pictured) said it was set up to challenge the way identikit volume housing was built in the UK'

Former army officer Philip Tilson said: 'We invested in HAB because we trusted in Kevin McCloud and because we were told that the money was to be used to purchase building land.

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'I have never known building land to go down in value.

'This was a significant part of our pension savings which the company now seems intent on holding onto and we intend to take legal action to force the company to honour the contract.

'We submitted our request to withdraw our money in accordance with their rules and it is outrageous that they should first have delayed it, and then demanded the right to defer payment indefinitely.

'I cannot understand how a company set up to acquire building land can have lost so much money in so short a time and I hope Mr McCloud comes up with a sensible explanation to investors soon.'

Pensioner couple, 71, 'will sue' Kevin McCloud's housing business, as troubled firm founded by Grand Designs star says it WON'T return money until 2024 despite warning bondholders could lose 97p in the £1 © Provided by Associated Newspapers Limited Mr McCloud was unavailable for comment but a spokesman for HAB Housing said he too was a bondholder

My McCloud's agent said he was unavailable for comment.

A spokesman for HAB Land said investors had received their interest payments in January 2018 and January 2019, and that 'as of today we are not aware of any minibond holder who is overdue on a minibond redemption'.

He added: 'Kevin McCloud resigned as a director of HAB Land in February 2018.

'Kevin McCloud has not been involved with HAB Land for 18 months.

'Being a director of HAB Land is a wholly separate issue to that of being a minibond holder.

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'Kevin McCloud remains a significant minibond holder.

He said: 'The Directors cannot comment on the actions of previous Directors.'

According to Companies House the makeup of the board of directors of HAB Land Ltd has not changed since one resignation on July 2 - a month before Mr and Mrs Tilson received the letter from the board notifying them of the intended restructuring.

Mr McCloud remains a significant shareholder in the HAB network of companies and owns 20 per cent of HAB Land's new parent company, BAH Restructuring.

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