The Hideaways Club: The facts today

In the early stages of the Covid-19 pandemic, a small minority of Members stopped paying their annual share cost contributions while retaining their interests in the Funds, and subsequently disputed their continuing liability for those costs. The Club's position was, and remains, that Members could not continue to hold and benefit from their shares while avoiding their proportionate contribution to the cost of maintaining the portfolio and operating the Club.

The dispute became the subject of litigation and, in January 2024, was featured in two This is Money / Daily Mail articles after the publication was approached by Members involved. In the Club's view, the limited opportunity to respond before publication resulted in a narrow and materially incomplete account, particularly the suggestion that Members were "trapped" or unable to leave. Subsequent facts do not support that characterisation. The relevant contractual arrangements were upheld by the Gibraltar Court of Appeal; the majority of the related historic claims and counterclaims have concluded; and more than 100 Classic and City Fund shares have transferred since 2022, with recent resales typically completing within 12 to 18 months.

Over the same period, the Club has continued to invest and evolve as a member-led organisation. Its operating company is owned by 20 Member shareholders, and more than £11 million from shareholder investment and new subscriptions has been invested in recent years. The portfolio has been renewed, renovated and expanded; the leadership and management structure modernised; and Member satisfaction remains around 91%. Members now have access to 45 core Club homes and more than 400 Partner homes, alongside an expanded programme of Member events, Hideaways Expeditions, reciprocal and lifestyle partnerships, and the Homeowner Programme, through which Members can introduce qualifying holiday homes to the portfolio.

The Club today is therefore better judged by these current facts - active resale liquidity, sustained investment, greater choice and a member-owned, member-led operating model - than by a two-year-old portrayal of a dispute involving a small minority of its membership.

What did the 2024 articles report?
On 11 January 2024, This is Money published an article concerning a legal dispute involving a small minority of Members of The Hideaways Club.

A second article, published on 21 January 2024, focused particularly on Member exits. It highlighted a formal resignation mechanism described as "two-in-one-out" and reported that there had been limited issuance of new Fund shares in preceding years.

The articles focused on the allegations being made at that time and on the formal resignation mechanism. They did not have the benefit of the subsequent Court of Appeal judgment or the transfer record that has emerged since.

Those later facts are material when assessing whether the characterisation presented in January 2024 remains a fair description of the Club today.

How did the dispute arise?
The dispute had its origins in the early stages of the Covid-19 pandemic, when international travel was severely restricted.

A small minority of co-owners stopped paying their annual contributions while retaining their shares and disputed that those contributions remained payable during and after the period of travel restrictions.

The properties themselves continued to incur costs throughout the pandemic, including maintenance, management, insurance and local taxes.

The Club's position was that the contractual framework required annual contributions to continue for so long as the relevant shareholding and Club membership remained in place, and that a Member could not cease paying those contributions while retaining the share.

That disagreement ultimately became the subject of legal proceedings in Gibraltar.

What did the Gibraltar courts decide?
On 20 December 2023, the Gibraltar Supreme Court decided the preliminary issues before it substantially in the Club's favour, including the issue of whether annual contributions could cease while a Member retained the relevant share.

The matter subsequently went to the Gibraltar Court of Appeal.

On 7 November 2024, the Gibraltar Court of Appeal dismissed Peter Kabel's appeal and endorsed the Supreme Court's conclusions on the preliminary issues.

Since then, the majority of the related historic claims and counterclaims have concluded. Only a small number of contested matters remain, with discussions having taken place with a view to resolving the outstanding cases.

The Court of Appeal judgment is therefore a material development that post-dates the January 2024 articles and directly addresses the contractual issue at the centre of the dispute.

Are Members "trapped" in The Hideaways Club?
No Member has an automatic right to immediate redemption of their share, and The Hideaways Club has never claimed that shares can be sold instantly.

There are, however, several routes through which Members can seek to leave.

Depending upon their Fund and circumstances, these include selling to an eligible private purchaser, using the Club's supported secondary resale market or following the relevant Fund's formal resignation process.

The 2024 reporting concentrated particularly on the formal process sometimes referred to as "two-in-one-out". That mechanism should not be confused with the entirety of the secondary market through which shares can change hands.

The actual transfer record provides the clearest test of the suggestion that Members are unable to leave.

More than 100 Classic and City Fund shares have transferred since 2022.

For recent resales, the typical period has been approximately 12 to 18 months.

This does not mean that every share will sell within that period. The timing and value of a transfer depend on factors including share type, asking price, purchaser eligibility and market demand.

It does demonstrate that shares are being transferred and Members are leaving the Club, which is inconsistent with any blanket suggestion that Members are unable to exit.

What does "two-in-one-out" actually mean?
The phrase "two-in-one-out" refers to a formal resignation mechanism within the relevant Fund arrangements.

It is not the only means through which ownership of a share can change.

A Member may also find an eligible private purchaser or seek a buyer through the Club's supported resale market.

Where an incoming Member acquires an existing share, ownership transfers from the seller to the buyer. No additional Fund share needs to be issued.

This distinction is particularly important when interpreting historic figures concerning "new" shares.

Had The Hideaways Club stopped attracting new Members?
The January 2024 coverage highlighted the limited number of newly created Fund shares issued during the preceding years.

New share issuance is not the same as new Member recruitment or Member turnover.

A secondary-market transfer can bring a new Member into the Club without increasing the total number of Fund shares in issue.

One Member exits and another joins, but no new Fund share is created. A lack of new share issuance is therefore not evidence that no new Members have joined.

Secondary-market transfers therefore need to be considered alongside new share issuance when assessing both Member turnover and whether Members have been able to leave.

More than 100 Classic and City Fund shares have transferred since 2022.

As at 30 August 2026, approximately 20 shares across the Classic and City Funds were being offered for resale, against more than 500 shares in issue overall.

That represents under 4% of the combined Classic and City Fund shares in issue.

How long does it take to sell a Hideaways Club share?
There is no guaranteed timeframe.

Recent resales have typically completed in approximately 12 to 18 months, but past experience cannot guarantee how quickly another Member's share will sell.

The circumstances of individual sellers differ, as do share types, asking prices and market demand.

The Hideaways Club therefore does not describe its shares as instantly redeemable or promise Members that they will be able to sell within a specified period.

Prospective Members should consider this liquidity risk carefully before investing.

The Hideaways Club today comprises a community of approximately 400 Members. Through its member-owned operating company and professional leadership and management team, the Club manages a core portfolio of 45 Club homes and provides access to more than 400 Partner homes.

Since the historic dispute, the Club has continued to invest in its homes and Member experience. Member satisfaction is stated at 91%, and the Member proposition has expanded through a growing events calendar, Hideaways Expeditions, reciprocal and lifestyle partnerships, and the Homeowner Programme, which enables qualifying Member-owned holiday homes to add further variety to the portfolio.

These developments are relevant context: the Club is not simply the organisation described in the January 2024 articles, but a member-owned and member-led organisation that has continued to invest, broaden its offer and facilitate Member turnover.

Membership combines access to an international portfolio of luxury properties with an investment in property assets. Shares are not instantly redeemable, capital is at risk, and the timing and value of any future transfer cannot be guaranteed.

Equally, anyone researching the Club should have access to current information rather than judging the organisation solely by historic coverage of a dispute involving a small minority of Members.

The position in 2026 is materially different from the picture available in January 2024: the Court of Appeal has dismissed the relevant appeal and endorsed the Supreme Court's conclusions on the preliminary issues; the majority of the related historic disputes have concluded; more than 100 Classic and City Fund shares have transferred since 2022; and the Club has continued to invest in its portfolio, partnerships, leadership and Member experience.