Sir Frederick Barclay has threatened legal action against his twin brother David's family if they attempt to sell the Ritz London hotel for less than £1bn. The 85-year-old tycoon, the elder twin by ten minutes, claims to have received multiple offers exceeding £1bn for the five-star property, which he and his brother bought for £75m in 1995.
The dispute erupted into public view last week when Sir Frederick and his daughter Amanda launched a High Court action, alleging they were secretly recorded by David's son Alastair at the Ritz. The incident, caught on film, has escalated a long-running family feud over control of the Barclay brothers' ailing business empire, which includes the Telegraph Media Group and the Very Group.
In a rare public statement, Sir Frederick said: 'I take great pride in the Ritz hotel and its success ever since I personally wrote a £7.5m cheque as down payment in 1995. There are 450 employees at the hotel who do a fantastic job. I can disclose that there have been a number of competing offers for this first-class hotel in excess of £1bn.' He added that any sale below 'full value' would lead to further litigation.
The Ritz, a 114-year-old landmark that hosted wartime meetings between Churchill, Eisenhower and de Gaulle, is seen as a crown-jewel asset. Reports suggest a Saudi Arabian private investment firm may be interested in buying it for about £750m, a price Sir Frederick considers too low.
The brothers' relationship has deteriorated over years, with family infighting coming to a head. Sir Frederick is also in divorce proceedings with his wife Hiroko, whom he married over 40 years ago. Meanwhile, David has strengthened his family's control by appointing his sons Aidan and Howard as directors of the Ritz and as significant shareholders in the holding company Ellerman Holdings.
