The U.K. government may have to pay about 1.2 billion pounds ($2 billion) to a home-shopping company owned by the billionaire Barclay brothers after a judge ruled in their favor in a dispute over 30 years of overpaid taxes.
The billionaire Barclay brothers sold their 10 percent stake in the U.K.’s InterContinental Hotels Group Plc for about 335 million pounds ($520 million) after the hotelier’s shares soared 88 percent in a year.
David and Frederick Barclay, the billionaire owners of the Daily Telegraph, won dismissal of an Irish developer’s lawsuit that accused them of illegally trying to gain control of a group of luxury London hotels.
It’s Friday night at Claridge’s Hotel in central London and harried-looking bartenders are rushing to serve customers piled three-deep at the bar. Property investors are lining up too, not for the 16-pound ($25) mojitos and 27-pound glasses of Laurent Perrier Brut Rose champagne, but for the luxury hotels that can command such prices during an economic slowdown.
Coroin Ltd., owner of London luxury hotels including Claridge’s, reported an increase in profit as the U.K.’s billionaire Barclay brothers and Irish developer Patrick McKillen battle over the company’s ownership.
David and Frederick Barclay rode “roughshod” over an Irish developer’s legal right to buy shares as they gained control of three luxury London hotels, Patrick McKillen’s lawyer said in the U.K. Court of Appeal.
David and Frederick Barclay, owners of the Telegraph Media Group, are close to an agreement to gain full control of the Maybourne Hotels Ltd., the Sunday Times said, without saying where it obtained the information.