BUSINESSMAN Martin Myerscough has seen more than £8m wiped off his personal fortune after his washing machine invention hit problems

Shares in the stock market quoted company he founded, Monotub, plunged by more than a third after the company postponed the launch of its Titan model for the second time.

The former St Mary's College, Blackburn, pupil owns around 35% of the company.

The firm said that pre-launch trials of the machine had revealed defects in a small number of driveshafts.

"The cause of these defects is under investigation to clarify whether the fault is due to the composition of the material used, the design specifications or other causes," said the company.

The launch of the machine has now been put back until the summer. Mr Myerscough, non-executive chairman of Monotub said :

"Clearly we are extremely disappointed to postpone the launch but we feel that it is better to delay market entry rather than sell a product that could disappoint even a small number of customers and thereby risk damaging the company.

"There is such enthusiasm for our product that it is essential to achieve the highest standards of quality assurance prior to launch."

Martin, who originally comes from Clitheroe but now lives in the south, came up with the idea for the Titan after a repair man told him that all washing machines were basically the same.

He looked at existing models on the market and designed a new machine. The washing machine boasts several innovative features including a load capacity of 44 per cent more than conventional washing machines, a removable clothes basket, a larger door and an angled drum for easier loading.

It can also be turned off at any time and the door opened without flooding the kitchen.

After leaving St Mary's College Martin, now 43, did several labouring jobs before going to university to study naval architecture.

He later became a chartered accountant and a tax adviser before designing the Titan.