Orient-Express Hotels receives millions in damages
Orient-Express Hotels has received more than £3m in damages from the owners of the former Cipriani restaurant in London’s Mayfair, according to its latest results.
The Raymond Blanc Le Manoir aux Quat’ Saisons backer was successful in a long-running trademark action brought against the family behind Harry’s Bar in Venice earlier this year.
The Cipriani family lost their appeal in March against a 2008 ruling that they had infringed a UK trademark held by Orient-Express’s Hotel Cipriani in Venice, leaving them saddled with significant damages.
As a result the London restaurant was put into administration, with the lease for the site currently being marketed by property agent CB Richard Ellis.
Orient-Express, which has received £3.1m to date, said the balance of the £6.6m claim would be settled by a deferred payment arrangement to be received over five years.
Improving performance
Tracking a trend seen in the first quarter of the year, Orient-Express made a net loss of £502k for the second quarter of the year on revenue of £109m. This compared with a loss of £15.3m on revenue of £81m in the same period last year.
Paul White, chief executive of Orient-Express, said: “Overall, we continue to be encouraged.”
