Telegraph titles up for sale as Lloyds Bank calls in loan By Proactive Investors

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Telegraph titles up for sale as Lloyds Bank calls in loan

Published Jun 08, 2023 08:14

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Proactive Investors - The Daily and Sunday Telegraph newspapers and The Spectator magazine have been put up for sale after receivers for their holding company were appointed by Lloyds (LON:LLOY) Bank yesterday.

Lloyds Bank had threatened to pull the plug on the newspaper group over the weekend over a debt owed by the Barclay family, its owners.

B.UK, a Bermuda-based company controlled by the Barclay family, is now in receivership with Alix Partners taking over the running of the group from the Barclay family.

Alix said the papers are currently profitable and operations at the titles are unlikely to be affected, though Howard and Aidan Barclay have been removed as directors.

Lloyds said it had no choice other than the action it had taken, but “was willing to continue discussions to find a suitable solution."

This could even see the Barclay family resume control if the outstanding loan is repaid.

"The decision... follows numerous discussions with B.UK's parent company, Penultimate Investment Holdings Limited (PIHL)," added the bank.

“The aim of these discussions, which were held over a long period and undertaken in good faith, had been to find a consensual solution and repayment of PIHL's borrowing to Bank of Scotland.

"Unfortunately, no agreement could be reached."

Reports yesterday suggested the titles might be worth £500mln.

Read more on Proactive Investors UK

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