Retired businessman Sir Frederick Barclay and his ex-wife are trying to reach an out-of-court settlement after a long-running fight over money, a judge has been told.

Sir Jonathan Cohen considered the latest stage of the dispute between Sir Frederick, 88, and Lady Hiroko Barclay, who is also in her 80s, at a hearing in the Family Division of the High Court in London on Tuesday.

Barrister Stewart Leech KC, who represents Lady Hiroko, told the judge that pair had been “trying to resolve the matter” and needed more time.

The judge said he would reconsider the case on Wednesday.

In May 2021, Sir Jonathan ordered Sir Frederick to hand Lady Hiroko lump sums totalling £100 million following the breakdown of their 34-year marriage.

Sir Jonathan said then that Sir Frederick had behaved in a “reprehensible” fashion during the litigation.

Lady Hiroko, who petitioned for divorce on the grounds of unreasonable behaviour, has complained Sir Frederick had not paid her as ordered – and alleged that he was in contempt of court.

The judge subsequently ruled that Sir Frederick was in contempt as a result of failing to pay about £245,000 he owed his ex-wife for legal fees and maintenance.

Sir Frederick and his twin brother, Sir David Barclay, were among the UK’s most high-profile businessmen.

Sir David died aged 86 in January 2021.

Their interests included the Telegraph Media Group and The Ritz hotel in London.

The family also has links to the Channel Islands and Monaco.

Sir Jonathan has been told that Sir David’s sons Aidan and Howard Barclay now have day-to-day responsibility for “group business”.