Ryan Giggs and Gary Neville lose 1.5 mln in their property company

Arizona Herald (ANI) Sunday 5th February, 2012

Ryan Giggs and Gary Neville, who had set up a Cuban Group to invest in hotels and other properties, have lost almost 1.5 million pounds in the company.

The company set up by the duo recorded losses of 430,753 pounds over the past two years.

It has also emerged that the Manchester United footballers have split with business partner Brendan Flood, who is also a director of Burnley FC.

Recently released company accounts show that the duo loaned the firm 1,065,000 pounds. Added to the losses, it means they are down more than 1.5 million pounds.

The pals also revealed that Flood had quit the business in a terse statement.

"B Flood is no longer involved in the company and negotiations continue between the shareholders to finalise his exit," the Daily Star quoted it as saying.

Giggs and Neville aimed to buy the London hotel No5 Cavendish Square. But it is understood that the 20 million pounds deal has collapsed.

They put 1 million pounds in a Malta hotel group in 2009. (ANI)