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05/01/2009
Phones4u founder 'gambles on commercial property' |
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John Caudwell, the tycoon and founder of retailer Phones4u, is reportedly investing heavily in the commercial property sector.
In an interview with the Sunday Telegraph he claims to have spent £80 million on commercial property in the capital and elsewhere since selling his company back in 2006.
"It sounds a bit smart Alec but I have been forecasting this recession for the last two years," he told the publication.
Meanwhile, Britain's banks are reportedly facing up to the prospect of £70 billion worth of losses on commercial property loans.
Gareth Davies, a managing director in Close Brother's restructuring team, told the Telegraph that commercial property will be a "major issue" for the banks over the next few years.
The huge collective losses and writedowns that are being forecast by the investment bank could lead to another round of bailouts funded by the taxpayer, according to the newspaper.
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