A high-profile property investor hailed as a rent-to-rent success story has put his company StayBC Ltd into liquidation, owing creditors nearly £1.5 million.
Newport-based Ben Brand charted his rapid rise on social media, describing his introduction to the property sector after attending a training course in 2019 where he learnt how to set up his own serviced accommodation company, admitting that prior to that, he had had no property or business experience.
StayBC Ltd promised to source property investment opportunities for clients to increase their wealth.
Last April, he had 160 serviced accommodation units, employed 60 staff and was managing three hotels.
By August, he talked about making £500,000 a month in sales, operating across South Wales and South West England and employing more than 140 staff.
He revealed that his deal sourcing business was generating £50,000 in monthly sales, specialising in finding rent-to-rent and purchase opportunities for investors.
Earlier this month, he set up Oaktree Investing Ltd, after changing its name from StayBC Sourcing Ltd. He has also been promoting another company – Stay Developed.
Companies House information shows that £450,000 is owed by StayBC to his own sourcing company StayBC Sourcing while more than £1 million is owed to a group that includes HMRC plus 130 investors and small businesses.
Brand also recently set up an investment club to attract those wanting to grow and build a serviced accommodation company.
It promises: “Our mission is to help people create lives of wealth, happiness and freedom by teaching them how to create and scale their own Serviced Accommodation businesses. Here, we will train, coach and mentor you on your journey.”
Due to his high profile, Brand was regularly featured on podcasts, speaking about his business model. This week, he was still posting on his Facebook page, ‘Benthebrand’, about new opportunities for investors in apartment blocks.
LandlordZONE has attempted to contact Brand for a comment.
Pic credit: YouTube.