Property investor the Williams Pears Group has settled an £8m High Court claim brought by Coal Pension Properties over the sale of a London investment company more than 10 years ago.
The parties reached the confidential settlement this week at the start of a four-day hearing over William Pears’ alleged failure to pay £4.6m for the entire issued share capital of WX Investments in July 1994.
Coal Pension Properties and Coal Pension Venture Nominees, which traded as part of the CIN group at the time of the transaction, claimed that the money became due for payment in August 2002. They also sought almost £3.5m in interest.
William Pears refused to comment on the settlement.
The group, which is one of the UK’s largest private companies, holds, directly or in joint ventures, around 15,000 commercial and residential properties worth over £4bn.
Coal Pension Properties Ltd and another v William Pears Group of Companies Chancery Division.
References: EGi Legal News 17/3/05
