03 January 2008
Erinaceous and Regis, the property investment company, have reached an amicable settlement in their legal actions in involving the acquisition of Mount Street Holdings.
Under the terms of the settlement, which does not involve any cash consideration by either Erinaceous or Regis, both parties have agreed to withdraw their separate claims.
Last month, it was reported that Erinaceous was suing the firm for more than £21 million, having paid £18.2 million "over the true valuation of the purchased companies".
In a statement, the firms added that all issues have been fully resolved to both sides satisfaction.
Separately, the parties have entered into a new property management agreement on normal commercial terms.