City of London Group's £400,000 row over assets in Lothbury buy

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The Independent Online

A London-listed investment group is thought to have racked up legal costs of more than £400,000 in a legal fight regarding a City public relations firm it bought in 2010.

The City of London Group bought Lothbury out of administration for just £91,000, but did not get all the clients it thought would come with the purchase. Lothbury Financial Services, which is a separate company but has the same directors as the PR firm, has successfully argued in court that it owns these disputed assets.

A statement from City of London said the case is subject to an application for permission to appeal. A Lothbury Financial Services director said: "Based upon the recent appeal result it is public knowledge that City of London Group's appeal was described as 'hopeless' by the judge."