The billionaire Barclay family has declared a truce to end a high court battle over alleged “commercial espionage on a vast scale” that included the bugging of thousands of private conversations at the five-star Ritz hotel. Sir Frederick Barclay announced on Friday that he had reached a settlement with his nephews, who he was suing over the alleged secret bugging of the Ritz’s conservatory, where he regularly held meetings with his daughter Amanda. “We are pleased that as a family we can put this difficult period behind us and now look forward to our future together,” the family said in a joint statement, which was first reported by the Financial Times. “In these troubled times, unity within families is more important than ever. We are grateful to all those who have helped us resolve this issue.” Barclay and his daughter had sued the sons of his late brother David, who died in January this year. They claimed the bugging was a breach of confidence, misuse of private information and a breach of data protection rights. The bugging came to light when hotel CCTV recordings appeared to show David’s son Alistair – a former racing car driver – installing an “elaborate system of covert recording” in the conservatory. The listening device was disguised as a plug adaptor, the court had heard. The defendants in the case – Alistair, Aidan and Howard Barclay, and Aidan’s son Andrew – had offered to pay damages last year. The family did not reveal if a financial settlement had been agreed as part of the peace deal. Desmond Browne QC, representing Sir Frederick and Amanda Barclay, had told the court last year that: “We all remember Tolstoy saying ‘each unhappy family is unhappy in its own way’. Here, the children of Sir Frederick and Sir David have been at odds ... concerning the family trusts, and cousin, sadly, has been pitched against cousin.” The settlement comes soon after Sir Frederick, 86, was ordered to pay a £100m divorce payout to his ex-wife, Hiroko. The judge, who described Frederick’s behaviour as “reprehensible”, ordered him to pay £50m of the settlement within six months. Barclay and his late brother, Sir David Barclay, were among the richest and most high-profile business people in the country. The brothers’ empire stretched from the parent company of the Telegraph and Spectator to the online retailer Very – previously known as Shop Direct, and before that Littlewoods – and the delivery firm Yodel. They also owned the Ritz hotel until they sold it for £800m last year to a Qatari billionaire. The brothers mostly lived in a castle on the island of Brecqhou in the Channel Islands. They bought the 32-hectare (80-acre) island for almost £3.5m. The Mayfair estate agent advert had described it as impressive, highlighting features such as a stone manor house, a private harbour and a helipad. Ownership also came with “tax-free status”.