12 Aug 2010, 10:46 am
Oil industry businessman Robert Adair was a main investor in a fund run by Advantage Capital, a private equity firm that has bought out firms ranging from a bookmaker to a retail systems company to a plant supplier.
Adair subscribed to Advantage Capital's second fund in 2006 to the tune of £40 million, the FT reported, but said in 2009 that financial difficulties meant he could not meet the rest of his commitments. He had paid in £17.5m.
According to the FT, the High Court has said that this constituted a breach of contract.
