Untold , which owns The Daily and Sunday Telegraph newspapers and The Spectator magazine, is facing potential sale because of unpaid debt, according to a recent statement. Bank of Scotland, the lender, defined that it had no alternative but to nominate a receiver over B.UK. Limited, the Bermuda-based holding firm for the Telegraph Media Group, as the debt remained in default with no indication of repayment. The wealthy Barclay family controls the holding company.
The financial institution described the appointment of receivers as an “act of last resort” after attempts to find a consensual resolution and reimbursement for the borrowing, reportedly amounting to £1 billion. Despite the dearth of settlement, the bank acknowledged that it “remains willing to proceed discussions to find a appropriate solution.”
AlixPartners, a financial advisory agency, has been appointed as the receiver over B.UK. Limited. The firm clarified that the day-to-day operations of the publications would “continue as normal” and that the receivership is unrelated to the “financial health or performance” of the companies.
The Telegraph Media Group was acquired by twin brothers Sir Frederick and Sir David Barclay in 2004 for £665 million. AlixPartners revealed that Howard and Aidan Barclay, sons of the late Sir David Barclay, have been removed as administrators of the business.
The Barclay family stated that discussions with Lloyds Banking Group, owner of the Bank of Scotland, are still “ongoing.” A spokesperson for the household expressed hope that an settlement satisfying all events could be reached, reported Malay Mail..