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James Caan, former investor on Britain’s Dragons Den, faced a legal challenge from the CEO and the Founder of Synergy, a recruitment firm he agreed to buy two years ago. The two men accused the entrepreneur of reneging on a deal worth more than £5 million, according to The Times of London.
Synergy Founder Patrick Hanlon and CEO Kieran Ryan both claimed that they entered into a legal agreement with Human Capital Investment Group [HCIG], guaranteeing both men 20% of the business each. After four days in court, the men dropped their allegations against Caan and HCIG.
A statement from Lancasters Solicitors, representing the Claimants, confirmed: “Following four days at trial, the Claimants, Mr Hanlon and Mr Ryan and the Defendant, Mr Caan, have agreed that there was a fundamental misunderstanding between the parties, which resulted in the claim being issued against the Defendant. The Claimants therefore have agreed to withdraw all of their allegations and claims against the Defendant and its’ [his] officers.”
When contacted by Staffing Industry Analysts, Mr Caan’s company, Hamilton Bradshaw, which invests in a number of staffing firms, declined to comment further, advising that they were unable to provide a statement for legal reasons.