Ownership of the Berkeley, Connaught and Claridge's could be settled in court

by Janet Harmer, Friday 14th October 2011 10:11

The ownership of three of London's leading five-star hotels could be settled by a legal battle in the High Court.

Property developer Patrick McKillen, who holds a 36% stake in the Maybourne Hotel Group - the company which owns and runs the Berkeley, Connaught and Claridge's - is suing the Barclay brothers (pictured) over their ownership of the 35% shareholding they acquired from the founder of Maybourne, Irish property entrepreneur Derek Quinlan, to take their holding in the company to 64%.

At the end of September Sir David and Sir Frederick Barclay, who already own the Ritz and Cavendish hotels in London, increased their control of the group through the purchase of £695m of the company's debt from Ireland's National Asset Management Agency (NAMA) via their company, Maybourne Finance.

However, McKillen is disputing the ownership of the shares in the company, which the Barclays earlier acquired from Quinlan. He claims that Quinlan remains the owner because the brothers failed to register a change of ownership and that as a result of an earlier agreement he should have been offered the opportunity to purchase Quinlan's shares.

Maybourne Hotel Group denies it is to be sold by Irish government >>

Barclay brothers set to dominate London's luxury hotels >>

Barclay brothers increase stake in Maybourne Hotel Group >>

By Janet Harmer

E-mail your comments to Janet Harmer here.

TabletalkIf you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to www.catererandhotelkeeper.com/tabletalk

Catererandhotelkeeper.com jobs

Looking for a new job? Find your next job here with Catererandhotelkeeper.com jobs

Blogs on Catererandhotelkeeper.com

Catch up with more news and gossip on all Caterer's blogs

E-newsletters

For the latest hospitality news, sign up for our E-newsletters

 


Featured video - for more, visit Caterer and Hotelkeeper’s YouTube channel >>

    Caterer and Hotel Keeper Jobs
    Most ReadLatest Articles
    Most ReadMost Viewed Articles
    Related Industry Resources
    Sign up to Caterer and Hotelkeeper
    Mobile Site
    Also on Caterer and HotelKeeper
    Blogs