The Daily, Sunday Telegraph, The Spectator magazine to be set up for sale after talks amongst owners
The Daily and Sunday Telegraph and The Spectator magazine are up for sale as talks between owners, the Barclay family, and lenders have collapsed.
PremiumThe Daily and Sunday Telegraph and The Spectator magazine are set to be put up for sale as talks between the current owners and lenders have collapsed.
The Barclay family, who are the billionaire owners of the Telegraph Media Group, have denied claims that the business could face administration.
Lloyds Banking Group has appointed AlixPartners, corporate finance advisory, as the official receivers for B.UK, the holding company controlled by the Barclays that owns the publications.
The lender will work with the receivers in a bid to secure the sale of the Telegraph and other titles to recover debts owed by the network of holding companies.
Advisers from Lazard will oversee the proposed sale process, Sky News reported. The day-to-day operations of the publications will continue as normal during this process, according to AlixPartners.
AlixPartners said in a statement, “The receivership over the shares in B.UK Limited is in no way related to the financial health or performance of the Telegraph or Spectator businesses and we do not anticipate any operational changes to the businesses or their employees."
"Neither the Telegraph Media Group nor the Spectator are entering administration."
AlixPartners added that family members Howard and Aidan Barclay have been removed as directors of the business.
“Speculation about the business entering administration is unfounded and irresponsible," the family said.
A spokesperson from the family has stated that discussions with Lloyds are ongoing, and they hope to reach an agreement that satisfies all parties involved.
The value of the titles has been estimated to be between £500 million and £600 million by industry analysts.
"As AlixPartners made clear, this situation is in no way related to the financial health or performance of the Telegraph or Spectator businesses," the spokesperson said.
The Telegraph newspapers was bought in 2004 for £665 million by Sir Frederick and his twin brother, Sir David Barclay, who died in 2021.
The Barclay family also owns other interests, including courier Yodel and online retailer Very. Press Acquisitions is now run by Sir David's son, Aidan.
(With inputs from The Independent)
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