Property developer and seafood magnate Mark Holyoake has reportedly paid fellow property entrepreneurs Christian and Nick Candy £5.7m in damages as a result of his failed claim against them.
Back in 2011 Holyoake borrowed £12m from former Reading University friend Christian Candy’s company. The cash was to be used to buy and redevelop Grosvenor Gardens House, a Victorian mansion block in Belgravia, for £42m.
Soon after, Holyoake claimed, the brothers began to extort money from him by making him sign new agreements changing the terms of the deal. He alleges they upped the loan repayments to £37m and also made threats against him and his family.
The nature of one of these agreements meant that Holyoake had to sell Grosvenor Gardens House in 2014, before it was developed, for what is claimed to be a substantial loss.
The Candys were cleared of the extortion allegations against them in late 2017.
Holyoake subsequently made a £132m claim against the brothers for losses he allegedly suffered. This claim was dismissed by the High Court. Holyoake was ordered to pay the Candys £5.7m in indemnity costs – a system of deciding costs that favours the recipient and allows a higher award than standard costs, as a result of his failed action.
In June 2018 the Court of Appeal rejected Holyoake’s bid for permission to challenge the dismissal of his claim.
According to the report in Estates Gazette EGi Holyoake himself contributed £200,000 to the bill back in January, with the balance being settled largely by insurers.
Want to know the story behind Britain's latest property mogul? Why a company is going bust? Our coverage goes beyond run-of-the-mill news on key real estate issues.
Our subscribers are made up of the most influential Founders and CEO's in UK property. Gain a competitive edge and get informed - read what they read.
Understand exactly what the most senior figures in UK property are thinking. Exclusive opinion articles from powerful real estate influencers that move markets.