An eleventh hour counter bid to develop the Bermudiana Hotel has been launched, it emerged yesterday.

English businessman Peter Clayton and his group have taken over the Bermuda Financial Centre Ltd. -- and launched a $150 million office, homes and hotel plan for the site.

Mr. Clayton has already held talks with Premier Pamela Gordon and Tourism Minister David Dodwell about the scheme.

Yesterday he also met with ACE Ltd. and EXEL Ltd. -- who are applying for planning permission for offices on the site -- to talk about co-operating, but was turned down.

But he believes his scheme is the Island's best option and he pledged to lodge an appeal if planners give the ACE and EXEL plan approval.

Last night EXEL senior vice-president Gavin Arton said both ACE and EXEL wanted to press ahead with their own scheme.

Mr. Arton said both companies were concerned that politicians could become involved and warned against "biting the hand'' that feeds Bermuda -- and sending the wrong messages to international business.

Mr. Clayton's emergence is the latest twist in the long-running bid to develop the Bermudiana Hotel.

BFCL gained planning permission to build offices, homes, a hotel and shops, but could not raise the $100 million needed.

Last year ACE and EXEL announced an agreement to buy the site from Winson Holdings -- wholly owned by Argus Insurance -- and build offices for their companies.

Government passed the Bermudiana Site Rehabilitation Bill allowing foreign ownership of the land and it is expected the Development Applications Board will consider the plans next week.

Yesterday Mr. Clayton said he was approached by BFCL's directors three weeks ago and asked to invest in the near-bankrupt company, which he bought for a nominal sum.

Mr. Clayton runs the London-based investment firm Financial Placements which is involved tourism projects in the US, the Caribbean and Europe.

He has already secured international backing for the Bermuda scheme including Toronto architect Sheldon D. Rosen, Florida property group IMMO, Toronto investment banker Andrew Rogul and Glynn Shouldice, president of Bermuda-based TG International Investments Ltd.

They have drawn up conceptual plans for the site which include three office blocks, a 100-room hotel for business people, up-market condominiums and a pedestrian walk-through with shops and cafes.

According to Mr. Clayton it will create 200 jobs and overseas cash backing is already available although as much as possible will be raised in Bermuda through a share issue.

He said at least one major international company has expressed an interest in taking over one of the office blocks.

And if the scheme gets approval he will also look at buying a Bermuda hotel -- and although he declined to say which one, he ruled out the Princess or Club Med.

"BFCL put in a planning application which got approval. We looked at that plan and said it was right for Bermuda,'' said Mr. Clayton.

"The site is quite magnificent and we do not believe offices alone are the right use of the site. It creates zero employment and does not bring anything into Bermuda's economy and does not enhance the beauty of the country.

"We had a very pleasant meeting with ACE and EXEL and asked if we could develop the site. We said we would build offices for them. We said we would do whatever suited them best.

"They felt they had gone so far down the road that they could not change track,'' added Mr. Clayton.

If the DAB grants ACE and EXEL permission, there is a 21-day period to appeal directly to the Environment and Planning Minister, Irving Pearman.

"We can move the whole thing forward very quickly. If ACE and EXEL are given planning permission we will lodge an appeal.

"We want to delay planning permission until ACE and EXEL's option on the deal with Argus expires at the end of April so we can talk with Argus directors,'' he said.

Originally the deal was due to be completed by the end of March, but the deadline was extended to sort out some minor planning matters.

Last night Mr. Arton said ACE and EXEL might have co-operated with Mr. Clayton if he had appeared a year earlier.

"We were the people that solved the problem and we intend to continue with the plan. That is what we told Mr. Clayton.

"We have put forward what we think is a viable solution, we have the money and Argus has agreed. A hotel is not a viable option,'' added Mr. Arton.

He said if an appeal was successfully lodged he would not rule out working with Mr. Clayton's group, but said both companies had other options if their scheme failed.

"The Bermudiana scheme is more attractive and we would rather do it on our own terms.'' He said both ACE and EXEL only became aware that Mr. Clayton had met the Premier and Tourism Minister after their meeting.

"We felt it was disconcerting that Government would even consider this as they had already passed the Bermudiana Act. We were a little concerned that politics could rear its ugly head.

"Biting the hand that feeds you could be very shortsighted,'' added Mr.

Arton.

Neither Premier Gordon or Mr. Dodwell could be reached for comment last night.

PETER CLAYTON -- Held talks with Premier Gordon.