Irish businessman Patrick McKillen lost an appeal in his lawsuit against David and Frederick Barclay, billionaire owners of The Daily Telegraph, over the ownership of three luxury London hotels.
Judge Mary Arden confirmed the Barclays’ companies had acted properly in taking control of Coroin Ltd., which owns Claridge’s, the Berkeley and the Connaught.
McKillen argued in the lawsuit that the Barclay brothers illegally gained control of Coroin, in which he has a 36 percent stake. The Barclay brothers’ companies bought 800 million euros ($1 billion) of the hotel company’s debt from Ireland’s National Asset Management Agency in 2011.
“This is complete and total defeat for Mr. McKillen,” Richard Faber, a spokesman for the Barclays’ interests, said in a statement.
McKillen said the ruling gives him the right to bid for a majority of Coroin.
“I will continue to fight the Barclay brothers by any legal means to protect our staff, guests and our rights,” McKillen said in a statement.
The case is: McKillen v Misland (Cyprus) Investments Ltd. & Ors., U.K. Court of Appeal, Civil Division, case no. A3/2012/2515