Harvey Spack Field is suing two former equity partners for failing to declare their investment stake in a major retail scheme.
A writ issued last month at the High Court claims that Simon Hillcox and John Fraser (pictured) invested in a proposed scheme in Northern Ireland in June 1999, when they were partners at Harvey Spack Field, without the knowledge or consent of the other partners.
The firm is alleging that Hillcox and Fraser are in breach of the Partnership Act 1890 for not disclosing their interest.
The dispute centres on a proposed retail park on the Waterside Park site, Crescent Link in Londonderry. The 13,400 sq m (144,240 sq ft) retail scheme includes a leisure unit and health centre, and has already lined up Homebase as anchor tenant.
The site was bought for around £3.4m through a vehicle called Genova North West, in which Hillcox and Fraser have a large stake. The two were carrying out negotiations while still partners at Harvey Spack Field. An undisclosed partner holds the remaining stake.
It is understood that other partners at Harvey Spack Field discovered the pairs interest in the scheme after they left the company to set up Titan Property Developments in January.
The other Harvey Spack Field partners to take action against Hillcox and Fraser are: Mark Cope; Russell Field; William Flattau; Sheila Harris-Taylor; Michael Muston and Harvey Spack.
See Saturday’s Estates Gazette for a fuller version of this story.
EGi News 27/04/01
