A billionaire landlord has been ordered to repay tenants £263,555 for operating two East London buildings as unlicensed HMOs.

The group of current and former residents of Olympic House and Simpson House in Hackney challenged companies owned by John Christodoulou, who was labelled “a rogue landlord” by a judge at the First Tier Property Tribunal, The Guardian reports.

The London Renters Union, representing the tenants’ group that brought the claim, said the lack of licensing left residents vulnerable to hazardous conditions, including fire risks due to inadequate safety measures.

According to last year’s Sunday Times rich list, Monaco-based Christodoulou has an estimated wealth of £2.5billion. The Guardian has contacted his company Yianis Group for comment.

Rent Repayment Order

After a lengthy legal battle that began in 2020 - when the landlord rejected residents’ request for rent relief during the Covid crisis, telling them they could use money saved on lunches to pay their rent in full - 46 residents from 15 different flats were awarded the money as part of a Rent Repayment Order.

However, there are now concerns that Christodoulou may not pay. The London Renters Union said the tenants have discovered that the landlord was attempting to liquidate the companies that the judgments are against after transferring ownership of Olympic House and Simpson House from one company to another within his corporate group at a large loss or undervalue.

Marc Sutton, a member of Somerford Grove Renters, which represents 170 flats in Olympic House, Simpson House and St John’s Court in Hackney, all majority-owned by Christodoulou, said: “This appears to be a deliberate attempt to evade financial responsibility through corporate restructuring. These tactics highlight how wealthy landlords manipulate corporate structures to avoid accountability while tenants suffer the consequences.”

‍