Citygove and Legat Corbishley have settled their High Court dispute over the purchase of a development site in Waterloo.

Citygrove was suing Graham Corbishley, founding partner of the property consultancy, for allegedly misusing information provided by the retail and leisure investor to sell the site, where a 284-bedroom Travelodge was to be built, to Pickering Properties for £13.5m.

It is understood that Legat Corbishley has paid a seven figure sum, believed to be between £1m and £2m, to Citygrove, headed by Toby Baines.

The figure has not been confirmed by Legat Corbishley.

Citygrove’s action against Pickering Properties was dropped.

A trial of the case was due to begin at the start of December.