Grill'd owners in nasty court case against each other
THE two former best friends who turned Grill'd from a small burger shop into a $300 million empire have wound up in court against each other.
Simon Crowe and Geoff Bainbridge are in a court battle over the ownership of the company, reports the Daily Mail.
The court battle reportedly came from claims of deceit about the company's financial position.
The acrimony between the two men is apparently so bad My Bainbridge admits to having called Mr Crow a "C***" during meetings.
Mr Crowe responded in his testimony that Mr Bainbridge is "somebody I cannot trust and who I detest."
The two had previously been friends for 17 years.
Mr Bainbridge initiated the legal action and is the minority shareholder with 25% of the business.
His suit claims Mr Crowe breached his duties as director of the company by using company resources to purchase the chocolate company Koko Black.
Mr Crowe has made a counter-claim for an order to force Mr Bainbridge to see his stake in the company.
The court heard the dispute centres around A secret valuation Mr Crowe had done of the company. When the result returned a corporate worth of $314 million, he made changes to the calculation to bring a new figure of $237 million.
Under the new valuation, Mr Bainbridge's stake was $60 million. Mr Crowe offered $47 million for the stake but was refused.