Housebuilder Gladedale is being sued by the chairman of its Anglian division for nearly £1.5m it allegedly owes him.
Paul Rogers became chairman of the division when he sold the company his Premier Homes business in May 2006 for nearly £50m.
The deal involved Gladedale, the UK’s largest private house-builder, paying a deferred consideration of £1.35m on 2 November 2008.
In a claim filed at the High Court Rogers, a Norfolk-based entrepreneur, said that Gladedale has not paid the him the money.
‘In a breach of the clauses of the agreement the defendant (Gladedale) has not paid the deferred consideration or interest on it, notwithstanding a letter from the claimant’s solicitors dated 21 November 2008 requiring such a payment,’ the claim form said.
Rogers is claiming £1.35m plus £198,735 of interest. As a part of the agreement £146,278 is taken off the money owed by Gladedale. This money relates to land and buildings at Common Lane in Norwich which Rogers bought as a part of the deal.
He is also claiming continuing interest of £211 every day from 3 November 2008 which currently stands at around £18,000.
Gladedale, founded by Remo Dipre, bought Premier’s two businesses, Premier Homes (Anglia) and Premier Homes (East Anglia) as a part of a buying spree at the height of the economic boom that included Scottish firm Glenthistle, Country & Metropolitan and quoted house-builder Ben Bailey.
Gladedale declined to comment.