In response to claims that their businesses were about to enter receivership, the billionaire owners of the “Telegraph newspapers” say they are doing well.
Loans made to the Barclay brothers’ family have debts that “Lloyds Banking Group” hopes to collect.
There are rumours that the titles of the Telegraph and Spectator may sell quickly.
According to the family, “speculation about the business going into administration is unfounded and reckless.”
The amount owed to Lloyds is unknown, but according to the “Financial Times (FT),” it is in the “hundreds of millions of pounds.”
According to Sky News, “Lloyds Banking Group” was receiving financial advice from Lazard and planned to appoint another bank to start selling the Daily and Sunday Telegraph titles right away.
According to a Barclays representative, the loans under consideration are connected to the family’s general ownership structure for its media assets. The functioning or financial security of Telegraph Media Group are unaffected in any way by them.
In 2004, after Conrad Black passed away, the twin brothers Sir Frederick and Sir David Barclay acquired the newspapers from Hollinger. Mr. David passed away in 2021. Aidan, Sir David’s son, is currently in charge of the company, which also includes the online stores “Littlewoods” and very and the courier services Yodel and Shop Direct.
The sale of the Ritz hotel in London in 2020 revealed a sour divide between the twins’ two families, with accusations of industrial espionage and the surveillance of business conferences.
A device that Sir Frederick’s nephew was purportedly seen holding on CCTV was at the centre of the controversy. Three of Sir David’s sons were sued for privacy violations by the billionaire and his child, Amanda.
A high court judge ordered Sir Frederick, 88, to pay money owed to his ex-wife for three months, preventing him from receiving a term in jail, according to a report in the Guardian newspaper from last August.