INVESTORS who handed over more than £200,000 to finance a TV cartoon series have been told they won’t see a penny of their money.

In 2001 more than 400 people bought shares in Walderslade mother Alison Mackenzie’s idea for Bagees - cartoon characters with human characteristics, all based on a variety of bags “living” in a hotel cupboard under the stairs.

But shareholders had no idea they wouldn’t see a return on their money until Mrs Mackenzie admitted during an interview with the BBC on Monday that the company was now insolvent.

The Medway Messenger reported in March 2007 how investors were left wondering what had happened to their money when Mrs Mackenzie stopped responding to letters and phone calls. Then in April 2007 Mrs Mackenzie contacted the paper saying the Bagees weren’t dead, merely in hibernation.

Kevin More who invested £1,200 into Bagees, said: “ I was most surprised to see Alison Mackenzie’s interview with the BBC stating she had apologised to all the investors of Bagees.

“This is the first I’ve heard of any apology to her investors, that the company is now insolvent and she has lost all our money.

“I have personally lost over £1,200 with my family losing another £600.

“I am shocked by this announcement however not surprised as she disappeared a couple of years ago, changing her contact details and not replying to any correspondence. She always seems to have a good sympathy angle with the media but no regard for her investors or the money she has lost them.

“As this money was raised through family and friends you would expect her to treat them better.

Mrs Mackenzie was asked by the BBC why she hadn’t kept investors updated via her company website as she had promised.

She said: “All I can do is apologise, I was really at the end of my tether by then I’d tried absolutely everything. I had no more to give what else could I say other than we’ve got no more money.

“It is insolvent (the company). The accounts are still filed but it’s a dormant company.

“I regret the distress and upset for the shareholders but I never intended it to be like that, it snowballed out of control.”

Attempts by the Medway Messenger to contact Mrs Mackenzie were unsuccessful.