The Telegraph Media Group, which owns The Daily and Sunday Telegraph newspapers and The Spectator journal, is facing potential sale because of unpaid debt, based on a latest assertion. Bank of Scotland, the lender, defined that it had no choice but to nominate a receiver over B.UK. Limited, the Bermuda-based holding firm for the Telegraph Media Group, because the debt remained in default with no indication of compensation. The wealthy Barclay household controls the holding firm.
The financial institution described the appointment of receivers as an “act of last resort” after attempts to find a consensual resolution and reimbursement for the borrowing, reportedly amounting to £1 billion. Despite the lack of agreement, the financial institution acknowledged that it “remains prepared to continue discussions to discover a suitable answer.”
AlixPartners, a financial advisory firm, has been appointed because the receiver over B.UK. Smooth . The firm clarified that the day-to-day operations of the publications would “continue as normal” and that the receivership is unrelated to the “financial health or performance” of the businesses.
Inexpensive was acquired by twin brothers Sir Frederick and Sir David Barclay in 2004 for £665 million. AlixPartners revealed that Howard and Aidan Barclay, sons of the late Sir David Barclay, have been eliminated as directors of the business.
The Barclay household stated that discussions with Lloyds Banking Group, owner of the Bank of Scotland, are still “ongoing.” A spokesperson for the family expressed hope that an settlement satisfying all parties can be reached, reported Malay Mail..