The British daily newspaper “The Telegraph” and its Sunday edition “The Sunday Telegraph” and “The Spectator” magazine will be put up for sale due to the failure of its parent company to pay its debts, the Bank of Scotland announced Wednesday.
The “Bank of Scotland”, to which the group owes, told AFP that it had “no choice but to appoint judicial guards for BUK Limited,” which runs the “Telegraph Media Group” owned by the wealthy Barclay family, “because of the debts owed by it and in the absence of any indicating the possibility of payment.
The Bank of Scotland stressed that this step is a “last resort” due to its inability to reach an agreement with the group to repay the debt.
British media reported that the size of the debt amounted to about one billion pounds ($ 1.24 billion).
Twin brothers Frederick and David Barclay, who died in 2021, bought Telegraph Group publications in 2004 for 665 million pounds ($840 million).
The two brothers own a vast empire that started with hotels and expanded to include retail and media.
AFP