Eddie Hobbs’ firm in the red to tune of €2m

The property investment firm established by celebrity consumer advocate Eddie Hobbs to much fanfare in 2007, plunged into the red in 2013 to record losses of €2.1m.

Cork-based Brendan Investment Pan European Property (BIPEP) plc recorded a profit of €481,815 in 2012. The loss in 2013 — just revealed in new accounts filed — represents a negative swing of €2.6m.

The reversal in fortune for the property firm will disappoint the hundreds of people who each invested €5,000 and more in the firm after its much publicised launch . The subsequent crash in the property sector resulted in the firm raising only €12.6m from investors through a public round of funding.