Friday 14 August 2020
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Barclay twin warns brother over Ritz sale

Barclay twin warns brother over Ritz sale

Friday 06 March 2020

Barclay twin warns brother over Ritz sale


The row between the Brecqhou-based billionaire Barclay twins has intensified with the eldest now threatening to sue his brother if the pair's five-star Ritz hotel in London sells for less than a £1bn.

Last week, media mogul Sir Frederick Barclay (85) took his nephews to court over allegations a conservatory at the Ritz had been bugged to listen to his private conversations.

But this week, attentions have turned to the location of the alleged bugging.

The pair are looking to drop the glitzy London Ritz, which was conceived by famous hotelier César Ritz and first opened in 1906, from their multi-billion portfolio and are currently seeking a buyer.

In a rare public statement published on Wednesday, Sir Frederick said he took “great pride” in the hotel and its success, recalling that he had personally written a £7.5m cheque as down-payment in 1995. 

He also praised the hotel’s 450 employees whom he said do “a fantastic job”.

Pictured: The Ritz is based near Picadilly. (Google Maps)

“I can disclose that there have been a number of competing offers for this first-class hotel in excess of £1bn,” he added. 

“I have no doubt that such offers will be considered, so that the Ritz is sold at the right time and for a proper price.” 

Sir Frederick said there was “no place” for any sale at less than £1bn and that any such sale would give rise to further litigation, which he described as “regrettable.”

Last year, the twins, who are the Channel Islands’ richest residents, put the newspapers they own up for sale amid reported attempts to pump £500m into their business empire.

READ MORE...

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