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eceivers confirmed that they’re set to place the Telegraph and Spectator up for sale after a row with Lloyds bank , and stated they’ve kicked David Barclay’s sons Aidan and Howard off the board of the newspaper .
Alastair Beveridge and Ben Browne of AlixPartners have been appointed by Lloyds as receivers because the bank goals to get well loans racked up by the business .
According to the Times , which first revealed Lloyds’ plans to place the Telegraph into receivership, the newspaper may fetch a £600 million price ticket.
“Despite further discussions, a resolution could not be reached,” the receivers stated. “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 various adjustments to the board of TMG and the Spectator, together with eradicating David Barclay’s sons Aidan and Howard, in addition to Barclay household appointee Philip Peters, from their boards. Aidan and Howard have been the one two members of the Barclay household 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 ”stays keen to proceed discussions with” the Telegraph’s dad or mum firm Penultimate Investment Holdings Limited.
