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Noel Edmonds to sue Lloyds for £300m


During the recent months, ‘Deal or No deal’ star Noel Edmonds, has emerged as a voice for many small businesses wrongly treated by banks such as Lloyds Banking Group and Royal Bank of Scotland.

Noel Edmonds is taking Lloyds Banking Group to court in an attempt to claim £300 million in connection with fraud perpetrated by former HBOS employees. The Television host, claims that HBOS and a former manager Mark Dobson intentionally destroyed Mr Edmonds now-defunct business – Unique Group.

Mr Edmonds and his lawyers attended a mediation with the bank last Friday but walked out after 12 hours of communication because they said ” it was evident” that victims would not be compensated by the bank swiftly, fairly and appropriately”. Mr Edmonds is taking Lloyds Banking Group to court after pulling out of the compensation process.

Lloyds, which acquired HBOS in 2009 in is providing compensation to around 65 companies that claim to have been impacted by the HBOS reading scandal between 2002 – 2007. Many struggling businesses were referred to Quayside Corporate Services, a turnaround consultancy, before being taken over and asset-stripped. This year, six people including Mark Dobson were jailed for a total of 47 years. Thames Valley Police investigation into the HBOS scandal is still live.

I am disappointed but not surprised that the pledge by Mr Horta-Osório to compensate me and the other fraud victims swiftly appropriately and fairly’ has not been honoured, and that I am going to have to seek an order from a court to force the bank to return the goods it stole from me.”

Noel Edmonds.

Despite Lloyds Banking Group’s determined efforts to reach a consensual resolution with Mr Edmonds through mediation, this has not been possible. As a result, a former litigation process has begun.

We recognise Mr Edmonds suffered personal distress and inconvenience as a result of him interacting almost a decade ago with an ex-HBOS employee convicted earlier this year in relation to criminal conduct at HBOS Reading Impaired Assets Office. However, we strongly refute that this caused his business to collapse.

Lloyds Banking Group

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