More than ten years after their initial divorce, the wife of a self-made fashion mogul has been granted a £2.7million divorce settlement.
Teachers Glen and Nicola Briers first divorced in 2002, following 18 years of marriage and three children together. At the time, Mr Briers had successfully started up a sports and streetwear business in his garage, which was turning over around £1m a year at the time the couple separated.
The entrepreneur and former-teacher, 61, left his wife £150,000 in funds and their £700,000 family home at the point of divorce – along with an agreed £10,000 in annual child maintenance payments.
Mr Briers kept the business for himself, which has since branched out into a £30m fashion chain incorporating brands such as Lambretta and Vision Street Wear, according to reports.
He claims that the couple made a “verbal agreement” at the point of separation that the original divorce settlement would represent a “clean break” for both parties.
But Mrs Briers brought a legal challenge to the Courts last year claiming that she should be entitled to at least a £2.7m share of the fashion mogul’s current £10m assets.
In opposition, the entrepreneur said that his wife had made “no such contribution” to the business, yet Judges ruled that Mrs Briers should be entitled to the £2.7m on account of her “huge contribution” in caring for the children as the business grew.
In recent weeks, Mr Briers has now asked the Court of Appeal to overturn the decision, claiming that it has left his ex-wife in “a position which is excessively favourable”.
Opposing his claims, solicitors representing Mrs Briers have told the Appeals Court that the initial settlement was “not negotiated… but dictated by the husband”.
The Judges reserved their decision.