Persimmon wins ‘ransom strip’ lawsuit against Kent housebuilder

The former directors of Maidstone-based homebuilder Hillreed Homes are likely to have their payout reduced after they lost a lawsuit brought by Persimmon Homes, the firm that bought them out. Hillreed’s Anthony Hillier and Colin Creed sold the business to Persimmon in 2912 for around £34m. However, after the sale had completed, Persimmon discovered that it didn’t have access to one of the plots it had an option on as part of the sale. It also discovered the freehold to the plot that would have given it access had been owned by Hillreed but had been moved to another Hillreed
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