What happened Eddie Hobbs 'Brendan Investments' company?

Toosey

In 2007 there was huge interest in this European investment company (Brendan Investments) of which Eddie Hobbs was part of. I was just nervously (for them) wondering how Mr Hobbs venture is going, does anyone know? The link below shows the interest there was ..

<http://www.brendaninvestments.ie/press/Evening_Herald_04_10_07.php&gt;

neris

last I heard is that its in a bad way now and not as many people joined up as they wanted

Jayminato

This was a disaster for everyone concerned. Rumour has it Hobbs has imposed a ban on himself for tv etc due to disastrous returns on a lot of his own investments. Maybe explains why we aint heard from him in months. I cant remember the last tv programme i seen him on

todolist

Jayminato wrote: »

This was a disaster for everyone concerned. Rumour has it Hobbs has imposed a ban on himself for tv etc due to disastrous returns on a lot of his own investments. Maybe explains why we aint heard from him in months. I cant remember the last tv programme i seen him on

He's been on Newstalk 106 loads of times during their Election coverage.

Jayminato

todolist wrote: »

He's been on Newstalk 106 loads of times during their Election coverage.

Soooooooooo is he now preaching about elections instead of investments?? honest question, i dont listen to newstalk

ixus

Brendan posts €380,000 profit

Brendan Investments Property Management, a company associated with property fund manager Brendan Investments, generated a €380,000 profit last year, according to accounts filed at the Companies Office.

The unaudited accounts for the company, whose directors include TV personality and investment adviser Eddie Hobbs, show it had €122,143 in shareholders’ funds at the end of August 2010, down from €502,533 a year previously.

The other directors are Vincent Regan, Hugh O’Neill and Dermot Flanagan. Brendan Investments was established in 2007 to make property investments in Germany, Britain, Portugal and Ireland.

hmmm

Did they ever get around to investing client monies? They raised the money close to what turned out to be the top of the market, so last I heard (which was years ago) they had decided not to invest.

If it was relaunched it could be successful, there are good opportunities now.

neris

todolist wrote: »

He's been on Newstalk 106 loads of times during their Election coverage.

hes always on newstalk talking bout money

Jayminato

ixus wrote: »

Brendan posts €380,000 profit

Brendan Investments Property Management, a company associated with property fund manager Brendan Investments, generated a €380,000 profit last year, according to accounts filed at the Companies Office.

The unaudited accounts for the company, whose directors include TV personality and investment adviser Eddie Hobbs, show it had €122,143 in shareholders’ funds at the end of August 2010, down from €502,533 a year previously.

The other directors are Vincent Regan, Hugh O’Neill and Dermot Flanagan. Brendan Investments was established in 2007 to make property investments in Germany, Britain, Portugal and Ireland.

The company may have made profit from management fees etc but the tits up part was the unfortunates who invested. Thats where I'm coming from

Nathan42201

Brendan Invts Plc is different to Brendan Invts Property Management (BIPM) which is the management company for the Plc. The latter raised €13m and was the very last property fund to do so. The Plc geared the equity 25% / 75% and purchased €50m worth of German property over the following two years 2008 and 2009 at a quiet time in the German market.

The investment should be very well positioned getting prime property yields at lower prices and locking into historically low long term fixed rates on debt. Chances are Brendan Invts will wipe the floor compared to most other geared property funds most of which are either bust ie -100% already or at least -50%, the only exceptions being those that invested in non-bubble markets like France, Holland and Germany.

Presume Hobbs is pretty well positioned to make good returns. BIPM itself, based on those accounts looks to be trading away with other deals successfully. That the media isn't all over Brendan Invts with criticism is telling in my view and its performance likely to prove quite embarrassing to its detractors including Shane Ross and Burgess who lost a packet on Irish bank shares.

If you check out Hobbs website and look at the funds he picked in 2009 ( which he should update) he read the cycle well. From memory Hobbs also called the bottom of the stock market within a few weeks of it hitting its trough in March 2009. Having read his book on energy most of his expectations have come about on energy stocks and funds and he's been accurate on inflation at a time when deflationists were dominating the airwaves everywhere.

He's not everyone's cup of tea especially his views on the public sector which may explain his absence from RTE radio but he's a regular on Newstalk and Today FM.

Arthurdaly

Shock Horror, a long only investment company does not return profit during the biggest economic downturn of a generation! You expected a positive return?

Nathan42201

Think it through. The plc was in cash just as the storm hit so slow and careful due diligence on assets over the following two years meant it became a beneficiary and not a victim, defying the trend. Those already committed lost heavily except in non bubble markets. Chances are that Brendan Invts has done well for shareholders imho

NBF

The accounts for 2010 record a 3.5m hit from cash reserves reducing them to 1m after the fall of Arcandor one of Germany's biggest companies in 2009. It is all a bit dated tho. Arcandor sought Govt assistance and employed 50,000 and owned Thomas Cook. The building seems to be at Dusseldorf airport and there is a claim for €15m against Arcandor. The coverage says that since 2010 the building has been fully rented presumably due to its location and demand from German exporters and the company has finished a German development. The hit is equal to a quarter of the equity raised but with another five years or so to go, it has possibilities.

MikeRoger

Eddie Hobbs left past year. Now it seems the company is to be wound up in 2017 / 2018 with potential return of 50 cent on the Euro? Has anyone else heard similar updates?

MikeRoger

Eddie Hobbs property firm plunges into red after €2m loss ...
independent.ie eddie-hobbs-property-firm-plunges-into-red-after-2m-loss-31...
Jul 11, 2015 - The property investment firm established by celebrity consumer advocate ... The Cork-based Brendan Investment Pan European Property ...

Grecco

MikeRoger wrote: »

Eddie Hobbs property firm plunges into red after €2m loss ...
independent.ie eddie-hobbs-property-firm-plunges-into-red-after-2m-loss-31...
Jul 11, 2015 - The property investment firm established by celebrity consumer advocate ... The Cork-based Brendan Investment Pan European Property ...

Yep and that bollix still gets Air time on all the media channels. He`s a clueless chancer that should be in front of a judge not a TV camera

Cute Hoor

Grecco wrote: »

Yep and that bollix still gets Air time on all the media channels. He`s a clueless chancer that should be in front of a judge not a TV camera

So Grecco, you have no strong views, one way or the other, on Mr Hobbs, you are probably posting that from the poolside deckchair of your exclusive Cape Verde villa

http://www.irishtimes.com/news/consumer/eddie-hobbs-a-salesman-who-s-best-at-selling-himself-1.2053464
http://www.independent.ie/business/irish/exotic-islands-project-not-so-sunny-26533272.html
https://brianmlucey.wordpress.com/2015/03/14/10-questions-the-media-might-ask-president-of-renua-eddie-hobbs-but-probably-wont/

robp

Grecco wrote: »

MikeRoger wrote: »

Eddie Hobbs property firm plunges into red after 2m loss ...
independent.ie eddie-hobbs-property-firm-plunges-into-red-after-2m-loss-31...
Jul 11, 2015 - The property investment firm established by celebrity consumer advocate ... The Cork-based Brendan Investment Pan European Property ...

Yep and that bollix still gets Air time on all the media channels. He`s a clueless chancer that should be in front of a judge not a TV camera

I wouldnt agree. A lot of the winners in the business do well due to sheer luck. His finance/ economic analysis is far from clueless.

Donal55

Toosey wrote: »

In 2007 there was huge interest in this European investment company (Brendan Investments) of which Eddie Hobbs was part of. I was just nervously (for them) wondering how Mr Hobbs venture is going, does anyone know? The link below shows the interest there was ..

<http://www.brendaninvestments.ie/press/Evening_Herald_04_10_07.php>

Straight off the press: Approx 90% of investors to lose out.
Good man Eddie.

Jimmy Garlic

Eddie is a bit of a chancer in fairness.. Wasn't he the guy that was telling people to buy houses right up until the bubble burst. Other economists, even some barstool economists saw the crash coming a mile off. Eddie hadn't the foggiest notion about what was coming, clueless.

Clonmel1000

I'm sure he'll be out to blame the public service for this. Spoofer.

Donal55

Clonmel1000 wrote: »

I'm sure he'll be out to blame the public service for this. Spoofer.

Some buachaill alright. Plenty around however who wheel Hobbs and that other spoofer, 'soft landing Jim Power' out when it suits them.

tayto lover

Spoofer of the highest order. Can't understand what anyone sees in him.

strassenwo!f

There was an article in yesterday's Irish Times (I'm not sure if I'm allowed to provide a link) about Brendan Investments.

The long and the short of it was that the investors in this fund have been told that they will lose around 90% of their investment when it is wound up fairly soon.

Although the money was originally intended to be invested in properties in Ireland, the UK and continental Europe, it seems its foray into the German office market was a disaster and it somehow ended up being an owner of swathes of unsellable properties in Detroit, far from its original remit.

Many people will have lost lots of money, but on the plus side the management company for these properties - which includes Eddie Hobbs as a director - has been handsomely paid over the years. So, it appears, at least somebody made some money from the scheme.:(

Jimmy Garlic

strassenwo!f wrote: »

Many people will have lost lots of money, but on the plus side the management company for these properties - which includes Eddie Hobbs as a director - has been handsomely paid over the years. So, it appears, at least somebody made some money from the scheme.:(

Eddie should move to Albania.

54and56

This is what happened to Eddie Hobbs and unsurprisingly it's all the fault of someone else apparently.

Says a lot about a person when they throw others under the bus rather than step up and take responsibility.

This article sums him up best "A salesman who's best at selling himself".

Consumer champion my h0le. He's an old fashioned snake oil salesman who profits off other peoples losses.

You'd think after his Cape Verde disaster people would give him and his "advice" a wide berth but I guess the gloss of being "famous" trumps good judgement.

evolving_doors

Bought cheap property in Detroit!!
That was even a gag on the Simpsons!

arrowloopboy

One of the reasons I gave up bothering to post here ,the wholesale use of hindsight analysis .
Not by any means defending Mr.Hobbs ,but Berkshires share price was cut in half after 08 !

newacc2015

arrowloopboy wrote: »

One of the reasons I gave up bothering to post here ,the wholesale use of hindsight analysis .

There was nothing to indicate that Detroit will rebound or that it ever will. Yet he invested in it. It is like buying some of the thousands of empty ghost estates and saying there is demand for them if we fix them. But if you do the math, it makes no sense. Investing in Detroit made no sense and it still does not. You can't even get a mortgage on most properties in Detroit.

It comes across as fund with no focus or objective. It is your typical actively managed fund, that does not beat the market. But benefits management.

The J Stands for Jay

arrowloopboy wrote: »

One of the reasons I gave up bothering to post here ,the wholesale use of hindsight analysis .
Not by any means defending Mr.Hobbs ,but Berkshires share price was cut in half after 08 !

I predicted the fund would fail when I saw its prospectus using out of date research.

Kinsailor

Most recent bulletin indicates that investors like me can expect to lose everything ! . Thankfully I can carry the loss but I really feel for the small investors who were probably influenced by  EHs media hero-image and invested and lost all of their savings.  
A striking aspect of the most recent investor's bulletin which I received today from Brendan Investments (BI) is its unprofessional content. It was a poorly composed 4 page letter with multiple examples of repetition and bad grammar. I would expect an Intermediate Cert student to be able to write more coherently. I don't know if it was actually written or proof read by Vincent Regan , the BI MD,  (although it was signed by him), but it makes me wonder about the professionalism and competence of the whole operation. Additionally the fact that the BI financial statements over recent years took a year or more  to be audited before being sent out to investors should  have been an indication that all was not well.  
Does anyone know if / how one can claim this BI loss against other investment gains?

54and56

Kinsailor wrote: »

Does anyone know if / how one can claim this BI loss against other investment gains?

Sorry to hear about the experience you've had with BI. I'd say they are scrambling to get the whole thing wrapped up as quickly as they can so they can lie low for a few months and then pop back up having reinvented themselves and learnt a lot from the experience, its a completely different market now blah blah blah.

I'm not qualified to comment on whether your BI losses can be used to shelter tax payable on other investment gains. My limited amount of tax knowledge says you should be able to but if you ask over in the tax section I'm sure you'll get a swift response.

mickdw

I remember reading about the fee structure at the time of the launch. Management were getting a percentage of the managed fund each year. considering that it was a geared fund and that they were also taking their percentage on the borrowed portion, I remember thinking that the property needed to make at least double figure percentage gains yearly just to pay the fees. It's pretty easy to see where the investment money went.

Kinsailor

Kinsailor wrote: »

Does anyone know if / how one can claim this BI loss against other investment gains?

I presume it will be a capital gains loss which you can set off against other capital gains.
You will need to crystalise the loss, either by the fund being definitively closed or you could sell it at a loss if you find anybody to buy it.
I recall somewhere that Revenue will allow you to crystalise a loss without either of the above where it is obvious that the instrument is now worthless but i cant find the relevant link back.

AmberGold

Article in todays indo re wind up of Brendan Investments, the value of the fund went from 12.6M to 91K.

https://www.independent.ie/business/irish/former-eddie-hobbs-promoted-company-goes-into-liquidation-36285380.html

AndrewJRenko

AmberGold wrote: »

Article in todays indo re wind up of Brendan Investments, the value of the fund went from 12.6M to 91K.

https://www.independent.ie/business/irish/former-eddie-hobbs-promoted-company-goes-into-liquidation-36285380.html

Thanks for the update. Maybe Eddie Nathan or NBF who seemed to join boards just to provide positive updates could revisit and provide any insights into the 'possibilities' that BI has?

NBF wrote: »

The accounts for 2010 record a 3.5m hit from cash reserves reducing them to 1m after the fall of Arcandor one of Germany's biggest companies in 2009. It is all a bit dated tho. Arcandor sought Govt assistance and employed 50,000 and owned Thomas Cook. The building seems to be at Dusseldorf airport and there is a claim for €15m against Arcandor. The coverage says that since 2010 the building has been fully rented presumably due to its location and demand from German exporters and the company has finished a German development. The hit is equal to a quarter of the equity raised but with another five years or so to go, it has possibilities.

Nathan42201 wrote: »

Think it through. The plc was in cash just as the storm hit so slow and careful due diligence on assets over the following two years meant it became a beneficiary and not a victim, defying the trend. Those already committed lost heavily except in non bubble markets. Chances are that Brendan Invts has done well for shareholders imho

Nathan42201 wrote: »

Brendan Invts Plc is different to Brendan Invts Property Management (BIPM) which is the management company for the Plc. The latter raised €13m and was the very last property fund to do so. The Plc geared the equity 25% / 75% and purchased €50m worth of German property over the following two years 2008 and 2009 at a quiet time in the German market.

The investment should be very well positioned getting prime property yields at lower prices and locking into historically low long term fixed rates on debt. Chances are Brendan Invts will wipe the floor compared to most other geared property funds most of which are either bust ie -100% already or at least -50%, the only exceptions being those that invested in non-bubble markets like France, Holland and Germany.

Presume Hobbs is pretty well positioned to make good returns. BIPM itself, based on those accounts looks to be trading away with other deals successfully. That the media isn't all over Brendan Invts with criticism is telling in my view and its performance likely to prove quite embarrassing to its detractors including Shane Ross and Burgess who lost a packet on Irish bank shares.

If you check out Hobbs website and look at the funds he picked in 2009 ( which he should update) he read the cycle well. From memory Hobbs also called the bottom of the stock market within a few weeks of it hitting its trough in March 2009. Having read his book on energy most of his expectations have come about on energy stocks and funds and he's been accurate on inflation at a time when deflationists were dominating the airwaves everywhere.

He's not everyone's cup of tea especially his views on the public sector which may explain his absence from RTE radio but he's a regular on Newstalk and Today FM.

nuac

Bad luck to get involved in a bad situation in Germany

Everybody knew Detroit was a dead duck.

Were all the eggs in those two baskets?

ZeroThreat

If Hobbs got into Bitcoin it would probably blow up! :P

garrettod

I'm sure he'd get out of it okay though, and then get a slot on RTE doing a tv show about it !

54and56

He's back - TheJournal.ie: Eddie Hobbs: Is the global recovery fake? http://google.com/newsstand/s/CBIw8bX-hTc

delta_bravo

Je_suis_Jean wrote: »

He's back - TheJournal.ie: Eddie Hobbs: Is the global recovery fake? http://google.com/newsstand/s/CBIw8bX-hTc

I know he's saying the money is going to charity but he was on Pat Kenny on Friday and some of the stuff he came out with was unbelievable. Claiming he was talking about the crash in 2006 and he predicted it.

Of course no mention of this failed venture. It is actually a joke that he gets airtime considering his track record.

ct5amr2ig1nfhp

Who the fook would buy his book? FFS.

nuac

Kamden Ambitious Oar wrote: »

Who the fook would buy his book? FFS.

Whoever puts him on radio and TV programmes.

Has he explained on any of these programmes what happened to the investors' money?

He used to have all the answers.

54and56

nuac wrote: »

Whoever puts him on radio and TV programmes

should make clear to viewers/listeners that his opinions are built upon his experience with Brendan Investments, Detroit, Cape Verde, Tony Talyor etc etc

liam7831

.

MysticMonk

He's a charlatan..he should never,ever be in the media except as a figure of derision.

liam7831

Maybe someone should track down this Brendan lad and stop blaming Eddie for everything

54and56

http://www.breakingnews.ie/ireland/liquidator-appointed-to-eddie-hobbs-investment-fund-817541.html

It takes a special talent to turn €13,000,000 into €0.

Well done Eddie and co.

New joke:

Q: How do you create an investment portfolio with "a derelict house in Detroit and around €29,000 in a bank account"?

A: Give €13,000,000 to Eddie Hobbs.

AndrewJRenko

Je_suis_Jean wrote: »

http://www.breakingnews.ie/ireland/liquidator-appointed-to-eddie-hobbs-investment-fund-817541.html

It takes a special talent to turn €13,000,000 into €0.

Well done Eddie and co.

New joke:

Q: How do you create an investment portfolio with "a derelict house in Detroit and around €29,000 in a bank account"?

A: Give €13,000,000 to Eddie Hobbs.

I have a vision in my head of Eddie swigging down the champagne at the wrap party in the single derelict house in Detroit.

ceekay74

How does this clown still get away with peddling his self serving manure on TV?

Caliden

I feel sorry for the woman who wanted to take out her money only to be told she couldn't as it was being used for investments.

I know there can be penalties for taking money out early in a investment fund but surely telling someone 'no you can't take out your money' isn't legal?