Telegraph in trouble

Telegraph in trouble

THE TELEGRAPH: Increased turnover, but in the red Photo credit: Flickr/Ian McWilliams

The Telegraph Media Group has lost £278 million (€329 million) in loans to the Barclay family.

The subsidiary of Jersey-registered Press Holdings, owned by Frederick Barclay, admitted these would probably never be repaid and had put the company £245 million (€290 million) in the red last year.

The future of the Telegraph and Spectator titles has been unclear since June 2023 when they were seized by Lloyds Bank after the Barclay family failed to settle its £1.16 billion (€1.37 billion) debts.

These were paid by a UAE-backed consortium whose hopes of buying the group foundered after UK government proposed a law banning foreign states or government officials from acquiring direct stakes in newspaper assets.

The Telegraph revealed on June 19 that attempts to trace the money via companies controlled by the Barclay family had not brought results and HMRC and the National Crime Agency have been in touch with the Telegraph Media Group.

The newspaper added that the Barclays had declined to comment and investigators had not revealed whether there would be an enquiry.

At the same time, turnover increased by 5 per cent to £268 million (€317.2 million) last year thanks to increased digital subscriptions and digital advertising.

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Written by

Linda Hall

Originally from the UK, Linda is based in Valenca province and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.

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