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Actor Neil Morrissey is 'millions of pounds in debt' after property collapse
Updated 10:58am on 17 Aug 2009Men Behaving Badly star Neil Morrissey is millions of pounds in debt after a property scheme he invested in collapsed, it was reported.
The actor, who lives in Crouch End, north London, said he lost £2.5 million after investing in a string of hotels and pubs.
'Morally obliged': Neil Morrissey said he lost £2.5m
He told the News of the World he would not file for bankruptcy and intended to pay his creditors in full.
He said: "People advise you to take the easy route - it'll only last a year and you'll be back up and running.
"But I just thought there are too many good people who've lost their money on these deals, and I wanted to repay them as much as I possibly could.
"I feel morally obliged. Afterwards I'll feel better about myself. Now I'm working very, very hard.
"Every second out there to earn another penny. I don't sit around and get depressed about things. It's not my character."
Morrissey, who provided some of the voices in the children's television show Bob the Builder, set up a property company five years ago.
It bought pubs and hotels around the country including Brown's Hotel in Laugharne, where Welsh poet Dylan Thomas was a regular.
The company overstretched itself and collapsed, forcing Morrissey's business partner into bankruptcy.
But Morrissey has made an independent voluntary arrangement which means that all his earnings, minus his living costs, will go to his creditors for more than three years.
Reader views (8)
This fool should declare himself bankrupt. There is no shame in it. The bank loans were "on-demand", meaning they can be called in with just a few hours notice. This is an appalling practise and a businessman can't be blamed for going bankrupt as a result.
- G W, Eastbourne, 17/08/2009 14:42
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Bob the builer got his fingers burnt. Now children, Bob the builder is looking to pay back his debt. How hournable.
- Frank, Copenhagen, Denmark, 17/08/2009 14:10
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Mr Morrisey, you are a Gentleman.
- Alex C, London, 17/08/2009 14:01
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I agree Paul -he is setting a great example here. Good on him.
- Sarah Williams, London, 17/08/2009 13:21
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Why do actors always buy pubs? Do they think that an ability to drink translates in an ability to operate stock control, VAT, staff, premises, taxes, manage the relationship with the brewer/pubco etc? They never learn and they always lose their shirts. He's honorable though, insisting on repaying his creditors!
- Neil, London, London UK, 17/08/2009 12:56
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I wondered what had prompted him to go out on a six-month tour of British theatres from Truro to Troon and everywhere in between, in a stage adaptation of "Rain Man "...and this story explains it.
I hope he also gets a cut of the merchandising ( programmes, tee shirts etc) to help reduce his debts. A case of ' Man Behaving Responsibly ' ?
- Jargonaut, South London, 17/08/2009 12:52
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We should toast his decision with a fine pint of Morrisey Fox : its quite a fine ale.
- Peace Maker, Battersea, 17/08/2009 12:45
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Nice one Mr Morrissey, there are a lot of other people out there that could learn from your example!
- Paul Bradford, Monflanquin, France, 17/08/2009 12:14
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