Tuesday 16 January 2018

McKillen hopes to appeal Barclays action

Shane Hickey London

DEVELOPER Paddy McKillen is to try and appeal his failed legal action against the billionaire Barclay brothers over the ownership of three high-profile London hotels.

The Belfast-born businessman yesterday took the first steps to try to turn around the London High Court decision from August.

Judge David Richards ruled against him after he sued David and Frederick Barclay, the owners of the Telegraph media group, over their attempts to take over Coroin, the €1.2bn company which owns Claridge's, the Connaught and the Berkeley hotels.

Yesterday, lawyers for Mr McKillen lodged papers with the Court of Appeal making an application to appeal the case there.

Last month, Judge Richards refused an application by Mr McKillen for an appeal of the judgment in the High Court.

His application for the case to be appealed in the Court of Appeal will now be examined and he will know within two months whether he will be able to do so.

Mr McKillen owns 36.2pc of Coroin and the Barclays 28.36pc.

Financier Derek Quinlan's share of 35.5pc is in the control of the Barclays after the brothers secured the shareholding from NAMA last year.

Mr McKillen had claimed Mr Quinlan's share should have been offered to him under a clause in the shareholders' agreement of the company -- a pre-emption agreement.

However, the judge said there had been no agreements made between the Barclays and Mr Quinlan, which breached the pre-emption provisions.

Mr McKillen's legal bill now stands at €25.5m, although this is likely to be reduced after being examined by a costs judge.

Should he be successful in his bid to have the appeal heard in the Court of Appeal, it is likely that his legal fees will be further raised.

Irish Independent

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