BUSINESSMAN Derek Hatton has promised to bounce back after losing £300,000 in a property company crash.

The former militant politician’s Morpheus Investments folded with debts of more than £400,000.

The company that specialises in selling new and off-plan villas and flats on the Mediterranean island of Cyprus suffered a setback when British buyers were hit by the recession and reined in spending.

Although Morpheus Investments has been liquidated, he is now running a new business called Morpheus Investments (Cyprus) and says he is optimistic about the future:

Mr Hatton, 61, said: “Sales slowed down and caused a bit of a problem, but I should stress that people have not been let down. No customers will lose out and the developments will continue.

“I am confident that the property market will be performing well in the next six to nine months.”

Mr Hatton said it was business as usual at his other business, his rental and management company Morpheus Rentals.

The island enjoyed a property boom for a number of years until 2009 when the first quarter saw sales plummet by 64%.

He added: “The only person who has lost out is me, by more than £300,000.”