A MULTI-MILLIONAIRE businessman and his wife from Warrington have lost a High Court battle against the Queen's bank Coutts.

Les and Janet O'Hare, who sold their chemical engineering company for £30m in 2007, have failed in their attempt to sue the bank over claims they breached a duty of care when providing investment advice.

The couple, who live half the year in Warrington and the other half in Florida, were seeking more than £3m in damages from the seventh oldest bank in the world.

The court heard how Mr O'Hare heard about Coutts' private banking services through a business acquaintance on a golf course in Scotland in 2001 and soon began using their services.

Investments included £4m in Novus Global Credit Opportunities, £2.12m in Novus Natural Resources Strategy and £2m in Novus Global Emerging Markets.

But seven years later in 2008 Mr O'Hare left Coutts over claims the bank were recommending 'unsuitable investments with no capital protection'.

It was claimed of Coutts' private bankers 'unjustifiably played down the substantial increase in risk involved' to the couple, who ran O'Hare Engineering for 30 years before selling it to Munich-based Bilfinger Berger nine years ago.

These accusations were denied by the bank, who said the O'Hares were 'fully and properly informed and were happy with the increased risk'.

Following the hearing at the Royal Courts of Justice in London, Mr Justice Kerr rejected the claims by the couple and ruled in favour of Coutts.

In his judgement, he wrote: "The obligation on Coutts was to work with the O'Hares to develop an investment strategy and advise from time to time on investments to implement that strategy. 

"That is what happened."

While he said he sympathised with the couple, he also dismissed claims that the O'Hares were unaware of the risks being taken.

O’Hare Engineering was launched in the 1960s by Mr O'Hare's late father.

When the company was sold in 2007, 600 people across the UK were in employment at O'Hare Engineering.