Barclay brothers receive offers over £1bn for Ritz Hotel
Sir Frederick Barclay, the billionaire co-owner of the Ritz, has received bids for the 114-year-old hotel exceeding £1bn, according to reports.
Press Association said that Frederick Barclay, who owns the Mayfair hotel with his brother David, will not accept a lower offer.
The twin brothers, who bought the Grade II listed property for £75m in 1995, are embroiled in a family feud. Frederick Barclay has reportedly threatened to sue his brother if the property is sold for less than £1bn.
The family, which is usually extremely private, has been caught up in a public spat over the future of brothers’ business empire, which also includes the Telegraph and Spectator magazine.
It was reported last week that the high court heard that Frederick’s nephew had secretly recorded him in the hotel’s conservatory for months.
The brothers have been in talks with Sidra Capital, a private investment group that represents Saudi Arabian families, the Financial Times reported in January.
It was also reported that the brothers were aiming for a £750m or more price tag for the property.
According to the hotel’s latest financial filings, profit before tax almost halved from £12.8m to £7.9m last year while turnover increased from £46m to £47m.