Wholesaler Hyperama’s £1m court case against two former directors accused of fraud has been resolved in an undisclosed out-of-court settlement.
The claims were strongly denied by the directors and Bestway.
In further documents obtained by betterRetailing this month before settlement, Guvemli’s defence claimed: “Issued costs for all parties have exceeded £1m.” It added this would rise to £2m if it went to trial.
However, a new statement from Hyperama managing director Marcus Singh said: “All court proceedings […] have now been resolved in an out-of-court settlement, which brings matters to a conclusion.”
Settlement terms were not disclosed.