The Court of Appeal has dismissed claims that £140m in public loans for two Manchester skyscraper developments were made on an 'unlawful' basis. The ruling, issued on June 29, 2026, sided with the Greater Manchester Combined Authority (GMCA) in the latest episode of a long-running legal battle with wealthy city centre landowner Aubrey Weis.
Background of the Case
The case focused on loans provided to support the Trinity Islands and New Jackson high-rise developments in Manchester city centre. The money was channelled into special purpose vehicles (SPVs) owned by Daren Whitaker, operating under the brand Renaker, which has built several luxury towers in central Manchester.
Mr Weis's lawyers argued in court that the loans were issued 'at unduly favourable [interest] rates,' claiming a base rate of 5.65% with an additional one per cent margin should have been four per cent. They also alleged that 'no due diligence was ever conducted into Mr Whitaker's liabilities or credit worthiness' and that a paper on the interest rate proposal was written 'after the decisionmaker had made the decision.'
Court Ruling
The GMCA countered that there was a 'whole due diligence process' behind the loan decision. The Court of Appeal, with Lord Justice Zacaroli, Lord Justice Nugee, and Lord Justice Miles presiding, found 'no error of law' in the GMCA's decision. Lord Justice Zacaroli stated: 'The relevant question is whether the GMCA erred in law in deciding or believing that the loans did not constitute a subsidy. While that is an objective question which admits of a range of reasonable answers, the question whether it falls within that range is nevertheless one for the reviewing tribunal to answer.'
Reactions
A GMCA spokesperson welcomed the judgment, saying: 'Today's judgment from the Court of Appeal confirms the findings from last year's Tribunal, which rejected the false claims that developers received favourable loans, and instead found that they were made on commercial terms. Our Housing Investment Loan Fund has lawfully helped rebuild confidence in Greater Manchester's housing market, delivering 11,000 new homes, and generating income which has supported our work tackling the housing crisis.'
Former Greater Manchester mayor Andy Burnham, who chaired the GMCA committee that approved the loans in March 2024 and was elected as Makerfield MP on June 19, is widely expected to become the next Prime Minister.
Criticisms and Next Steps
The Court of Appeal judgment noted that the GMCA 'ought to have had regard to the guidance' for subsidy control and found 'well founded criticisms' that Daren Whitaker 'had provided no guarantee and the GMCA had conducted no due diligence on his overall financial position.' A Weis Group spokesperson said: 'While we are naturally disappointed that the Court of Appeal has dismissed our appeal, the judgment confirms the serious concerns we have raised about how Andy Burnham and the Greater Manchester Combined Authority have managed over £1bn of public money. We are considering the judgment carefully with our legal team, including whether to seek permission to judicially appeal the wider process or appeal to the Supreme Court. All options remain open.'
