Business

Nick Candy says he moved to Monaco ‘for tax reasons’

Nick Candy (left) and his brother Christian arrive at court on Friday © PA via Financial Times

Older Candy brother begins giving evidence in £132m High Court case as Financial Times reports.

Property developer Nick Candy has told the High Court that reconnecting with former friend Mark Holyoake, who is now suing him in a £132m civil case, was “the worst decision of my life”.

Mr Candy, 44, and his billionaire brother Christian, 42, are best known for the flagship London development of One Hyde Park. Nick Candy has been giving evidence in the High Court trial in a case that revolves around a soured property deal.

Mr Holyoake is suing the Candy brothers for £132m, alleging he was threatened by them after taking out a £12m loan from Christian Candy to buy Grosvenor Gardens House in Belgravia for £42.5m.

The brothers deny all allegations against them.

Mr Holyoake has claimed that Christian Candy repeatedly threatened to “nuclear bomb his entire world”, and that the brothers conspired to extort money from him.

Nick Candy testified on Friday that Mr Holyoake was a university friend with whom he had reconnected a decade after their graduation.

“I regret the day I ever met the man . . . it has been the worst decision of my life,” he said.

Nick Candy told the court that he left the UK for Monaco in 2005 and had made “tens and tens and tens of millions” from property development. “I had made a substantial amount of money. I do not shy away [from the fact] that I moved to Monaco for tax reasons.”

At one point in his testimony, Mr Candy described himself as a “failed accountant”, referring to his incomplete training at KPMG.

CLICK to read the full report on Financial Times