Lloyds Bank has instructed AlixPartners to act as trustee for the shares of B.UK, the Bermuda-based company that owns the historic papers.
London, Thanasis Gavos
In sales process enter three of the larger forms at Britainthe daily newspaper Daily Telegraphthe Sunday one Sunday Telegraph and the weekly magazine Spectator.
Lloyds Bank has instructed AlixPartners to act as trustee for the shares of B.UK, the Bermuda-based company that owns the historic papers.
The British bank’s decision came after years of confrontation with the owners of all these companies, twin brothers Sir David and Sir Frederick Barclay, over the restructuring of loans they had received from the Bank of Scotland. This is a bank which in 2008 was absorbed by Lloyds in the midst of the financial crisis.
Lloyds is believed to value the forms at around £600m and since these are healthy businesses a big battle is expected between the interested parties in the upcoming auction. It is believed that interested parties could include Daily Mail owner Lord Rothermere and Rupert Murdoch.
The Barclay brothers acquired the Telegraph in 2004 for £665m. Sir David passed away in 2021.
A spokesman for the family said the disputed loans related to the group’s wider media holdings and “in no way affect the operation of Telegraph Media Group”, which is said to have more than 750,000 subscribers and recorded increased profits in previous years. .
Source :Skai
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