Imagine Homes
Encyclopedia
Imagine Homes Ltd was at one point one of the largest purchasers of residential property in the United Kingdom
. Founded by CEO Grant Bovey in 2003, Imagine Homes began operating from offices in Kew
, Surrey
, with a total of four employees. In 2007, Imagine Homes achieved substantial growth, with headquarters located in Farnborough, Hampshire
, offices in Canary Wharf
, Dubai
, Singapore
and Dublin, and employing over 80 staff worldwide.
Imagine Homes operated in the UK buy-to-let industry, working with established property developers to offer off-plan investment opportunities throughout the United Kingdom, i.e. they would buy properties from developers, fit them out, then market them to investors as "buy-to-let" properties. The company's tag line was "The simple way to profit from property".
In 2008, Imagine Homes planned to open the UK’s first buy-to-let showroom on the Hogarth Roundabout
, Chiswick
, London
.
Grant Bovey's company rode the rise in property prices in the UK and internationally, and rode the fall in property prices until Bovey lost control in early 2009 after being personally wiped out.
In September 2007 the Daily Telegraph reported that a proposed IPO by Imagine Homes had been abandoned. Instead the business was recapitalised by a £37.5 m equity-and-debt injection from HBOS. The flotation plans were put back until 2009 at the earliest. The decision to pull the flotation was caused by:
HBOS, as part of their refinancing, asked for improved Corporate Governance within Imagine Homes. They recruited two non-executive directors to the board.
On 23 February 2009, The Daily Mail reported that HBOS had taken over the company, and that Bovey and his wife Anthea Turner had been forced to put their Surrey mansion up for sale. The article quoted them as saying that they had been substantially wiped out and that only a small fraction of their net worth remained. The Daily Mail also reported that Anthea Turner
is doing television commercials for household detergents to make ends meet, as well as a satellite show about ridding your home of pests.
Imagine Homes was put into administration as of January 2011.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. Founded by CEO Grant Bovey in 2003, Imagine Homes began operating from offices in Kew
Kew
Kew is a place in the London Borough of Richmond upon Thames in South West London. Kew is best known for being the location of the Royal Botanic Gardens, now a World Heritage Site, which includes Kew Palace...
, Surrey
Surrey
Surrey is a county in the South East of England and is one of the Home Counties. The county borders Greater London, Kent, East Sussex, West Sussex, Hampshire and Berkshire. The historic county town is Guildford. Surrey County Council sits at Kingston upon Thames, although this has been part of...
, with a total of four employees. In 2007, Imagine Homes achieved substantial growth, with headquarters located in Farnborough, Hampshire
Farnborough, Hampshire
-History:Name changes: Ferneberga ; Farnburghe, Farenberg ; Farnborowe, Fremborough, Fameborough .Tower Hill, Cove: There is substantial evidence...
, offices in Canary Wharf
Canary Wharf
Canary Wharf is a major business district located in London, United Kingdom. It is one of London's two main financial centres, alongside the traditional City of London, and contains many of the UK's tallest buildings, including the second-tallest , One Canada Square...
, Dubai
Dubai
Dubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
, Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
and Dublin, and employing over 80 staff worldwide.
Imagine Homes operated in the UK buy-to-let industry, working with established property developers to offer off-plan investment opportunities throughout the United Kingdom, i.e. they would buy properties from developers, fit them out, then market them to investors as "buy-to-let" properties. The company's tag line was "The simple way to profit from property".
In 2008, Imagine Homes planned to open the UK’s first buy-to-let showroom on the Hogarth Roundabout
Hogarth Roundabout
The Hogarth Roundabout is one of London's best known road junctions. It is situated at the junction of the A316 Great Chertsey Road and the A4 Great West Road.The Hogarth Roundabout is named after William Hogarth who lived in nearby Hogarth's House...
, Chiswick
Chiswick
Chiswick is a large suburb of west London, England and part of the London Borough of Hounslow. It is located on a meander of the River Thames, west of Charing Cross and is one of 35 major centres identified in the London Plan. It was historically an ancient parish in the county of Middlesex, with...
, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
.
Grant Bovey's company rode the rise in property prices in the UK and internationally, and rode the fall in property prices until Bovey lost control in early 2009 after being personally wiped out.
In September 2007 the Daily Telegraph reported that a proposed IPO by Imagine Homes had been abandoned. Instead the business was recapitalised by a £37.5 m equity-and-debt injection from HBOS. The flotation plans were put back until 2009 at the earliest. The decision to pull the flotation was caused by:
- Significant softening in the business’s main market, the sale and rental of new build residential property. The business model of Imagine Homes depended on “Buy to Let” investors feeling confident enough in price rises to buy property with the expectation of rising property prices and rent high enough to cover their costs.
- The correction of a prior year accounting errors in the company’s report and accounts which had resulted in the overstatement of revenues. After correction of the error, the reported losses before tax had more than doubled to £6.42m in the year to March 2007 compared to £2.81m for the previous year.
- Weakening equity markets would not have helped the flotation of an investment prospect linked to the property market.
HBOS, as part of their refinancing, asked for improved Corporate Governance within Imagine Homes. They recruited two non-executive directors to the board.
On 23 February 2009, The Daily Mail reported that HBOS had taken over the company, and that Bovey and his wife Anthea Turner had been forced to put their Surrey mansion up for sale. The article quoted them as saying that they had been substantially wiped out and that only a small fraction of their net worth remained. The Daily Mail also reported that Anthea Turner
Anthea Turner
Anthea Millicent Turner is an English television presenter and media personality.-Education:Turner was educated at the independent St. Dominic's High School in Hartshill, Stoke-on-Trent....
is doing television commercials for household detergents to make ends meet, as well as a satellite show about ridding your home of pests.
Imagine Homes was put into administration as of January 2011.