Receivers confirmed that they are set to put the Telegraph and Spectator up for sale after a row with Lloyds bank, and said they have kicked David Barclay’s sons Aidan and Howard off the board of the newspaper.
Alastair Beveridge and Ben Browne of AlixPartners were appointed by Lloyds as receivers as the bank aims to recover loans racked up by the business.
According to the Times, which first revealed Lloyds’ plans to put the Telegraph into receivership, the newspaper could fetch a £600 million price tag.
“Despite further discussions, a resolution could not be reached,” the receivers said. “Following their appointment, the receivers initiated changes to the boards of certain subsidiaries of B.UK Limited including TMG and The Spectator to secure control of the assets of the Group in order to facilitate a resolution, which may involve sales of the Telegraph and Spectator businesses.”
Alix made a number of changes to the board of TMG and the Spectator, including removing David Barclay’s sons Aidan and Howard, as well as Barclay family appointee Philip Peters, from their boards. Aidan and Howard were the only two members of the Barclay family on the board of the publications.
“Independent directors Stephen Welch and Boudewijn Wentink have been appointed to the boards of Ellerman Investments Ltd, TMG and The Spectator. Nicholas Hugh and Richard Neal remain in place as directors of TMG. Aidan Barclay, Howard Barclay and Philip Peters have been removed as directors of Ellerman Investments Ltd, TMG and The Spectator, and Rigel Mowatt has been removed as a director of The Spectator.
“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.”
They added that Lloyds ”remains willing to continue discussions with” the Telegraph’s parent company Penultimate Investment Holdings Limited.
