FAMILIES struggling to pay household bills because of the credit crunch can take some comfort in the knowledge that one of Scotland's richest men is also feeling the financial squeeze.

FAMILIES struggling to pay household bills because of the credit crunch can take some comfort in the knowledge that one of Scotland's richest men is also feeling the financial squeeze.

Sir Tom Hunter is no longer the country's only billionaire after admitting to losing £250million of his fortune and not just as a result of the global meltdown.

The Ayrshire tycoon has confessed some of his losses have been self inflicted.

Although Sir Tom is still thought to be worth around £750m he was in defiant mood when talking about his personal finances. He declared: "I will get through this as I am not wiped out."

But Sir Tom admitted: "Have we made mistakes? Absolutely. Certain things happen to you like the credit crunch and, no, we didn't see it coming."

Even the very rich have to downsize at times. Sir Tom recently sold his mansion in France for £50m as well as his £2m luxury yacht.

And just days ago his fashion clothes chain USC went into administration.