Directors banned after investors lost more than £4m in Derby student accommodation development

Three people have been banned as company directors after they misled investors who paid more than £4m into a Derby city centre student accommodation development.
Fraser MacDonald was a director of Prosperity Cathedral View Development which was behind The Croft development on Cathedral Road before the company went into administration in 2020.
Gavin Barry (left) at a TheBusinessDesk.com lunch in 2019
The 53-year-old was also a director of Prosperity Cathedral View NMPI, a company used as a fundraising vehicle to attract investors for the development.
In his role as investor relations director, MacDonald allowed 42 investors to be misled when they entered into loan agreements with Prosperity Cathedral View NMPI worth a combined £4.13m.
They thought their money would go into the Derby development, but instead more than £2m was transferred to a connected company.
MacDonald, of Walkdale Brow, Glossop, Derbyshire, has been disqualified as a company director for seven years, until February 2032.
The companies’ chief executive Gavin Barry, 49, and chief operating officer Edward Fowkes, 52, were both also disqualified as directors in 2021 for their roles in causing or allowing the investors to be misled in 2019.