We referred to the pounds 124.3m lent by Oldham Estate Company to MEPC, but this was in fact repaid shortly before our article was published following complaints from solicitors representing Oldham minority shareholders (who included Mr Hyams) and immediately before MEPC's rights issue announcement. Accordingly, we regret the suggestion that the minority shareholders' complaints were 'a storm in a teacup' and accept that Mr Hyams and the other minority shareholders were acting entirely properly in making their complaint.
We also stated that Mr Hyams 'lives abroad'. In fact he lives in the UK.
Any suggestion that Mr Hyams deliberately kept Centre Point empty for many years to take advantage of rapidly rising rents is incorrect. In March 1974, a planning inspector found there was no evidence that Oldham deliberately kept this building empty for financial gain.
We apologise to Mr Hyams and are paying his legal costs.Reuse content