Wednesday 18 October 2017

Noel Edmonds seeks £50m compensation from Lloyds over fraud

Lawyers for the TV host have written to the Lloyds boss demanding payment for “immense economic loss” and “distress and inconvenience” following the HBOS fraud scandal.

By Sherna Noah

Noel Edmonds has launched a £50 million compensation claim against Lloyds Banking Group, with the Deal Or No Deal star claiming he has suffered “deep distress and public humiliation” caused by fraud at the hands of former HBOS Reading staff.

Lawyers for the TV host have written to Lloyds boss Antonio Horta-Osorio demanding payment for “immense economic loss” and “distress and inconvenience” following the HBOS fraud scandal.

A group of corrupt HBOS financiers were jailed earlier this year for carrying out a £245 million loans scam that destroyed several businesses, before they squandered the profits on high-end prostitutes and luxury holidays.


Edmonds claims that one convicted former HBOS employee, Mark Dobson, helped destroy his former business Unique Group.

Lloyds said last month that it would begin making compensation offers to HBOS fraud victims in May from a £100 million pot, with payments expected to begin in June.

Edmonds’s solicitor Jonathan Coad, from Keystone Law, told the Press Association that he will be pressing for half of that amount to go to the former host of Noel’s House Party.

“We expect half of the £100 million to go to my client, and we expect Lloyds will have to increase their provision substantially,” he said.


Lloyds said that if a review determined that the level of compensation requires it to increase the provision then “we will absolutely do so”.

A total of 64 customers, including Edmonds, are due to receive recompense.

Edmonds’s claim also includes lost income from speaking events.

The strongly-worded letter read: “These individuals were fraudsters whose corrupt activities also resulted in losses to my client of tens of millions of pounds, along with his suffering deep distress and public humiliation.


“My client’s reputation as a successful business entrepreneur was destroyed by humiliating media coverage of the collapse of his business empire.”

The fraud trial resulted in a number of convictions earlier this year with Dobson, 56, jailed for four-and-a-half years.

Edmonds said in a statement: “I confirm my lawyers have sent a detailed claim letter seeking compensation from Lloyds for the losses that I suffered as a result of fraud committed against me by one of its managers.

“I am now trusting that Mr Horta-Osorio is true to his word and ensures that I am ‘fairly, swiftly and appropriately’ compensated for both the destruction of my businesses and the significant damage to my reputation. If he is not, then I will pursue my claim against Lloyds via the courts.”

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