Developer Paddy McKillen has confirmed that he is suing David and Frederick Barclay in a dispute over the sale of £800m of loans held by the Maybourne Hotel Group.
The loans were sold to the brothers by Ireland’s National Asset Management Agency last month.
McKillen, who owns 36% of the Maybourne Group, is also launching legal action against Maybourne Finance Ltd, the company the Barclays used to acquire the loans.
A spokesman for Paddy McKillen said: “We are taking this action to protect our shareholding.”
The writ is expected allege that the Barclay’s prevented McKillen from increasing his stake in Maybourne – which comprises Claridge’s, the Connaught and the Berkeley – by failing to register a change of ownership of the shares they bought from Derek Quinlan in January this year.
McKillen will claim that he should have been offered the option to buy a portion of Quinlan’s shares under a shareholder pre-emption agreement.
The Barclay brothers and Maybourne Finance are vigorously defending the claims.
james.a.kenny@estatesgazette.com
