THE PROPERTY investment company promoted by self-styled consumer champion Eddie Hobbs spent €1 million in set-up costs, according to accounts just filed with the Companies Office.

A property management company owned by the four directors (including Mr Hobbs) of Brendan Investments Pan-European Property paid about €1 million in fundraising and marketing costs associated with setting up the venture.

Brendan Investments had originally planned to raise funds of €50 million, but fell short of this investment target by about €37 million. As a percentage of the original funding target, anticipated set-up costs of €750,000 would have represented 1.5 per cent of funds raised, but instead represent 8 per cent.

However, according to the accounts, the property management company only recovered €187,287 from Brendan Investments during the year to the end of January 2009, as part of its “commitment to the new shareholders”.

The company’s four directors received remuneration of €150,000 for their services.