Developer ‘dishonestly massaged figures to get £12m loan from Candy brothers'

Allegations: Nick, left, and Christian Candy are being sued for £132 million
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A property developer who is suing the billionaire Candy brothers for £132 million over a disputed loan deal was “profoundly dishonest” when he first sought the money, the High Court heard today.

Mark Holyoake, 44, claims Nick and Christian Candy bullied and blackmailed him into paying back £12 million he borrowed for a development of luxury apartments in Belgravia.

Mr Holyoake has made extraordinary allegations that Christian, 42, made veiled threats pressuring him for the loan to be repaid, telling him to “think about his pregnant wife”.

He also suggests Nick, 44, who is married to actress Holly Valance, warned the debt could be sold to Russians who “would not think twice” about using violence. But at the High Court today Tim Lord QC accused Mr Holyoake of “massaging the figures” when securing the loan in October 2011 from the Candys, concealing the true state of his own finances.

Legal fight: Mark Holyoake

“Mr Holyoake is a man ... prepared to say different things to different people depending on whether he was trying to borrow money from them or avoid paying it back to them,” said Mr Lord. “What happens is the figures are being dishonestly massaged in order to send out the right bottom line to the reader. That’s a profoundly dishonest thing to do.”

The court has heard Mr Holyoake was considered a high-risk borrower after the collapse of his firm British Seafood with £250 million debts. He sought a loan from Christian, an old university friend, and claims he wanted the Candys’ expertise.

Mr Lord showed Mr Justice Nugee statements from Mr Holyoake to Christian’s property firm CPC and another potential money source, with different values for his net assets.

“We will show Mr Holyoake has misled the parties materially funding this project,” said the QC. “Mr Holyoake was essentially speculating with other people’s money.” Mr Holyoake says relations with the Candys turned sour after they struck the loan deal for a development at Grosvenor Gardens House, Belgravia. He alleges he faced “threats, abuse, intimidation and coercion”, ultimately paying back £37 million for the £12 million loan.

He had been hoping for a £100 million profit from the project but says pressure from the Candys forced him to sell the property to a Singaporean fund in 2014 at a loss.

The Candys deny all Mr Holyoake’s claims. They say they acted properly in accordance with “commercial rough and tumble”, and claim the businessman was “fraudulent” in his dealing with them and lied about threats made to him to try to extract cash. The hearing continues.

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