Imagine Homes
From Wikipedia, the free encyclopedia
| Imagine Homes Ltd | |
|---|---|
 |
|
| Type | Limited company |
| Founded | 2003 |
| Headquarters | Farnborough, UK |
| Key people | Grant Bovey, CEO |
| Industry | Buy-to-let Investment Property |
| Website | www.imaginehomes.co.uk |
Imagine Homes Ltd is 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’ have achieved substantial growth, with headquarters now located in Farnborough, Hampshire, offices in Canary Wharf, Dubai, Singapore and Dublin, and employing over 80 staff worldwide.
Imagine Homes operate in the UK buy-to-let industry, working with established property developers to offer off-plan investment opportunities throughout the United Kingdom. The company's tag line is "The simple way to profit from property".
In 2008, Imagine Homes’ plan to open the UK’s first Buy-to-let showroom on the Hogarth Roundabout, Chiswick, London.
Grant Bovey's company has ridden the rise in property prices in the UK and internationally since its formation.
In September 2007 the Daily Telegraph reported that a proposed IPO by Imagine Homes had been abandoned. Instead the business was recapitalised by a £37.5m equity-and-debt injection from HBOS. The floatation plans were put back until 2009 at the earliest. The decision to pull the floatation was caused by
• Significant softening in the business’ 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 floatation 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.
