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The Guardian - UK
The Guardian - UK
Business
Mark Sweney

Barclay family’s £1bn ‘back door’ offer for Telegraph alarms rival bidders

Barclay Lloyds Spectator Barclays
Daily Telegraph front page
On Monday, the Barclays confirmed that they would make a £1bn Middle Eastern-backed offer to keep control of the Telegraph and Spectator titles. Photograph: PA Images/Alamy

Bidders for the Telegraph are concerned the Barclay family’s £1bn “back door” offer could have a “chilling effect” on the official auction, according to a source close to the process.

On Monday, the Barclays confirmed that they would make a £1bn Middle Eastern-backed offer to keep control of the Telegraph and Spectator titles. The business was seized by Lloyds bank in June after the family failed to reach an agreement over unpaid debt, at a hearing in the British Virgin Islands.

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