Friday 2 December 2016

Date set for McKillen's battle with billionaire brothers

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Siobhan Creaton

Published 22/11/2011 | 05:00

PROPERTY developer Paddy McKillen's legal action against the British billionaires Freddie and David Barclay will begin next March.

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Lawyers for Mr McKillen were in the High Court in London yesterday to outline the case. Some minor aspects of it may be heard before Christmas.

Mr McKillen is suing the 'Daily Telegraph' owners to gain control of the Maybourne Hotel Group that owns Claridges, the Connaught, and the Berkeley hotels in London.

He is the biggest shareholder in Coroin, the company formed when Mr McKillen, financier Derek Quinlan and other investors purchased the hotels for €1.1bn in 2004. The reclusive developer owns 36.5pc of that company.

The Barclay brothers purchased the hotels' €800m worth of loans from NAMA earlier this year.

They own 28pc of Coroin and control another 35pc of its shares that are still owned by Mr Quinlan.

Yesterday, Mr McKillen's spokeswoman said the action was to protect the business.

"The Barclay brothers have launched a hostile takeover bid on our company that resembles an old-style corporate raid. We believe the law is there to protect business from this type of activity," she added.

Irish Independent

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