The financial saga between London restaurant group Corbin and King and its majority shareholder Minor International shows no sign of ending. Minor is launching two new lawsuits, according to Sky News: one against American investment firm Knighthead, and one against Corbin and King co-founder Jeremy King.
They are the latest in a strange few months, during which Minor has tried its hardest not to receive over £30 million, because doing so would see it cede control of Corbin and King. The hotel group placed Corbin and King’s holding company into administration in a power move back in January, saying at the time that the process would have no impact on its London restaurants; this continues to be the case.
In the intervening months, Knighthead offered to spend £38 million on refinancing Corbin and King; Minor attempted to block that refinancing in court, and failed. At the time, the presiding judge Mr Justice Foxton said that the more favourable terms offered by Knighthead Capital Management and Certares Capital Management contributed to the ruling.
This is all part of a long running dispute over strategy which King first publicly detailed in November 2021, with the two parties disagreeing over the state of the London restaurant market and also expansion plans.
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