A true friend would have never acted the way he did. You might seriously want to reconsider your choice in friends, OP. In the meantime, good luck getting your money back from that prick! =)

It sounds like you need to meet that guy who "used to run an illegal business", OP. Since 'friends don't break friends' legs', you need somebody to do it for you.

king hit the c*nt and take it from his wallet

When you get your money back I wouldn't talk to that "friend" again if I were you, OP.

Doesn't sound like OP is getting it back though.

"When"? You mean "if".

inflicting pain can always make people pay back.

Well seems like he isn't a friend now. So he must pay.

Be careful who you loan money too...
Some friends may seem sincere, but there are many selfish people out there.
Still hope your friend decides to do the right thing OP!

Ask him if you can "borrow" £260.

sounds like he's more of a best friend

Kinda YDI for having such a friend and giving him such a high amount.... Also FYL because you might need it. Kinda been there. I preferred to lose the money and ditch the "friend".

I've had friends I've loaned a lot more than that. The fact that you use the term "loan" hints at the fact that you expect it back. If you don't get it back, consider it a cheap price for finding out what he's really like. Just wait until he needs to borrow money again and remind him about his outstanding balance.

Borrow £10 from him 26 times.

Friends don't have to be asked, to pay back.

Drop him like a bad habit and take this as a lesson. Friends and money don't mix.