Spencer today revealed that Garrington Home Finders, which in its heyday claimed actress Keira Knightley and singer Kylie Minogue as clients, has been placed into administration after Spencer failed to find a buyer for the firm.
The company, which used to employ up to a dozen staff and had offices in both London and Cheshire, was founded in 1996 by Spencer with his wife Fiona, 41, and it is said that Spencer was keeping the firm afloat out of his own pocket while he sought a buyer.
Garrington recently closed its Cheshire office just a year after a star-studded party to promote its launch, and several staff had already been made redundant before the company started to go under.
But Spencer, who lives with his wife and children in Wandsworth, south London and owns a holiday home on the south coast, has other sources of income. He is still busy presenting Channel 4's Location, Location, Location programme and its spin-offs, has a column in the Sunday Times newspaper and regularly appears on the after-dinner speaking dinner circuit.
"The correction in the housing market continues to unfold with unprecedented speed," commented Spencer."And nobody can know how long this is all going to take to turn around and we should be highly speculative of anyone who claims to be able to do so."
