The investment firm set up by consumer advocate Eddie Hobbs has recorded an immediate €1.2m gain from its investment in one of the least fashionable addresses in the US — Detroit.

The property investment company established by celebrity consumer advocate Eddie Hobbs has returned to profit after two years of losses, figures show.

British womenswear retailer Hobbs shook off the gloom on the rest of the high street today by revealing profits soared 38% last year.