Sir Frederick Barclay threatens to sue should the Ritz be sold for less than 'proper value'

Sir Frederick Barclay, the billionaire co-owner of the Ritz London hotel, says he has received competing bids to buy it for more than £1b.

Sir Frederick, who bought the London landmark with his twin brother Sir David in 1995, also said any move to sell the establishment for "below the proper value would give rise to further litigation".

His statement comes after a court heard details last week about disputes within the family over the direction of the Barclays' business empire amid allegations that Sir Frederick was secretly recorded for several months after his nephew bugged the conservatory of the hotel.

In his 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 £1b. 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.

"There is no place for any sale at less than full value. A sale below the proper value would give rise to further litigation. This would be regrettable.

"I am deeply shocked and saddened about recent events involving unethical conduct and intrusion into my privacy. I hope we can get these family matters resolved so that we can all move on."

The statement comes after reports that bids were at around £800m, less than the family had hoped for.

The High Court heard last week that the 85-year-old businessman and his daughter Amanda claim that Sir David's three sons, Alistair, Aidan and Howard, and Aidan's son Andrew, were parties to the recording of their private conversations over several months.

Sir Frederick and Amanda Barclay brought a legal action alleging misuse of private information, breach of confidence and breach of data protection laws against their four relatives, and Philip Peters, who "holds a board position" in the Barclay group of businesses.

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