The collapse of micro-homes developer Inspired Homes has culminated in unsecured creditor claims of £12.3m, an administrator’s report reveals.
Small capital equity investors have been burned by the office-to-resi developer, which promised yields of 12-14%, paid monthly.
The company targeted high-net-worth and self-certified sophisticated investors with high returns on bonds and loans, the majority of which were backed by founder and chief executive Martin Skinner.
Inspired used permitted development rights to convert old office buildings into blocks of micro-flats in locations in outer-city locations including Croydon, south London, and Manchester.
Skinner touted sales values north