Patrick McKillen must pay €4.8m to cover financier Derek Quinlan’s costs in Mr McKillen’s failed High Court battle in London in 2012 to win control of three luxury hotels know collectively as the Maybourne Group.

The costs bill in favour of Mr Quinlan, who is now challenging Mr McKillen for control of the company in a separate action, was finally settled yesterday in the Senior Courts Costs Office.

So far, Mr McKillen has paid £1.51 million on account and will now have 14 days to pay the outstanding £2.65 million. The sum agreed includes interest of £332,472.85, along with the £227,500 cost incurred in preparing the final bill.