A key chapter in the saga of collapsed UK television rental business Boxclever has drawn to a close with the settlement of a long-running lawsuit between Natixis, the French bank, and Terra Firma, Guy Hands’ private equity group.

The two companies had been locked in battle at the High Court, London, for the past two months over flaws allegedly introduced into the financial projections for the Boxclever business by Terra Firma during a £750m ($1.5bn) refinancing in 2002.