Grandfather on the brink of losing home after loss of investment following a work accident payout
By Conor Gogarty, Investigations Editor
Robert Cooke, a 65-year-old former electrical fitter from Swansea, who lost his arms in a work accident and received a substantial payout, is now facing the imminent risk of losing his home. Cooke invested £900,000 in a property development opportunity presented by well-known property developer Richard Hayward, whom he trusted. However, the investment turned into a disaster, resulting in Cooke losing all his money.
Cooke, a former semi-professional footballer, admitted he lacked expertise in business or property matters but had faith in Hayward’s reputation. Hayward, who has been involved in significant developments in south Wales, including the Salubrious Place hotel and cinema complex in Swansea, had a history of dissolved companies and legal issues related to health and safety.
The majority of Cooke’s investment went into a firm developing housing at a site in Rhondda Cynon Taf, despite warnings from Environment Agency Wales regarding flood risks. Planning permission for the project was ultimately refused, leaving the site undeveloped. Cooke, who has faced health challenges and financial hardships, now owes £227,000 on his mortgage and may face repossession this year.
Cooke revealed that he invested £800,000 in Phoneray Ltd, a company directed by Hayward, with £500,000 as a loan and £300,000 for a shareholding. Despite Hayward’s claims of doing his best to assist Cooke during his bankruptcy, the investments had already faltered even before this financial setback. The failed investments compounded Cooke’s financial woes, leading to a dire situation where he struggles to afford basic necessities.
Following a work accident in 1999 that resulted in the loss of his arms, Cooke received a significant settlement from his employer. Determined to rebuild his life, Cooke ventured into business, including a pub venture, where he came in contact with Hayward. Seduced by Hayward’s promises of lucrative returns, Cooke invested in projects that ultimately failed, leaving him in a precarious financial predicament.
Hayward’s track record includes controversies like health and safety violations and bankruptcy proceedings. Despite Cooke’s claims of financial losses and lack of returns on his investments, Hayward maintains that the economic downturn and funding challenges contributed to the investments’ failure. Cooke, who feels betrayed and helpless, now faces the possibility of losing his longtime home, adding to his burdens as a double amputee.
Cooke’s story serves as a cautionary tale about the risks of investment and the importance of due diligence, especially when dealing with high-stakes ventures. It highlights the vulnerabilities faced by individuals who trust others with their financial well-being, emphasizing the need for transparency and accountability in business transactions. Cooke’s resilience in the face of adversity stands as a testament to his determination to overcome challenges and seek justice in his quest for financial security.