Pollock blocks BAR sale

Pollock, along with Adrian Reynard and Rick Gorne retains a stake of around 10 per cent in BAR. Reynard and Gorne are believed to have agreed to sell their shares to Honda; Pollock is thought to have refused to do so.

As Honda does not want to buy into BAR while there remain any minor shareholders, British American Tobacco, had started proceedings to put BAR Holdings into administration. It would then aim to buy the company back as sole owners and then sell the agreed 45 per cent to Honda. This is a recognised business procedure under UK law.

Pollock has moved to stop BAT placing BAR Holdings into administration and his lawyers presented a 30-page submission that forced an adjournment to the proceedings.

It is not known on what grounds Pollock's submission was made, but he had earlier indicated that he believed BAT acted improperly in not consulting all the BAR board members, before beginning the procedure. BAT is confident its position is legally defensible.

Pollock said; "The judge made clear that the whole matter was confidential. All I can say is that BAT didn't look good in court."