The bank, which has taken the action after becoming frustrated at the lack of repayment of loans worth close to £1bn, is seeking to remove Barclay family-appointed board members, replace them with independent directors, and move to auction off the Telegraph titles and the Spectator.Īmong those being removed from the holding company, B.UK Limited, is Aidan Barclay, the chair of the newspaper group, who along with his brother, Howard, controls the family’s UK assets. It said discussions with the owners had been held “over a long period”, but that “no agreement could be reached”.
A spokesperson for the bank said it had been left with no other choice but to put the publisher’s holding company into receivership, saying debts were default with “no sign they would be repaid”.
