Former Manhattan Loft Corporation (MLC) partners John Hitchcox and Harry Handelsman have settled their legal dispute over profits from the company’s £150m redevelopment at St Pancras station, London NW1.
Hitchcox, who now runs the Yoo residential group with designer Philippe Starck, claimed that he was owed a 50% share of MLC’s profit on the high–profile 300,000 sq ft revamp of the disused hotel at the site. It will become a luxury hotel, with 67 flats, due for completion in 2009.
Howver, Handelsman’s team argued that “harsh economic realities” meant that MLC could make a loss of as much as £11m at St Pancras.
The case was due to start in the High Court on 31 October, but lawyers for both sides stated that the case will not now come to court.
A spokeswoman for MLC confirmed that the case had been settled on confidential terms.
Neither Hitchcox nor Handelsman could be contacted.