Nick Leslau has joined forces with Bruce Ritchie's Residential Land to develop a luxury resort in Barbados. Sunday Times

Leslau had lost out to Ritchie in the auction for a derelict condominium on the west coast of the island between the famous Sandy Lane hotel and the neighbouring settlement of Holetown.

The pair, who are both backed by HBOS, later decided to work together on the scheme.

Ritchie paid an estimated $22m (£11m) for the site, where between 16 and 20 beachfront townhouses are planned, which are expected to fetch more than $10m each.