Manchester-based Logik Developments, which counts former England cricketer Andrew “Freddie” Flintoff as a former director, has reached a settlement agreement in a legal dispute with Irish biosciences tech company Eqtec.
If the sale of a site at Weighbridge Road on Deeside Industrial Park completes by 30 April, Logik will pay the company a £1.7m settlement sum within the following business day.
However, if the sale is delayed to between 1 May and 30 November this year, Logik will pay the company a £2m settlement, and if the land is not sold by December, Logik will be liable to pay £2m plus interest at 4% above the Bank of England base rate on any part of the sum that is not paid, according to the settlement terms.
Eqtec said it had received confirmation from Logik that the land is in the process of being sold and that the proposed buyer is backed by a global investment company. The deal is expected to close by the end of April.
The tech company sued Logik for £4m last year, claiming that Logik had breached a share purchase agreement between Logik and an Eqtec subsidiary.
The dispute concerned a waste processing development in Deeside, which Eqtec had partnered with Logik Developments on. At the time, Eqtec accused Logik of “attempting to go it alone”, and referenced efforts to engage with Logik since January 2023.
Flintoff was previously listed as a director on Logik Developments’ website and on Companies House.
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