A traditionally conservative newspaper group has been put up for sale after the Bank of Scotland—owned by the Lloyds Banking Group—ran out of patience with its owners over a £1 billion debt.
The Daily Telegraph, its Sunday sister paper, and The Spectator magazine will now be sold to the highest bidder after the failure of talks between the Barclay family and the bank.
Lloyds inherited a hefty loan to the Barclay brothers in 2008, when it took over the doomed HBOS bank during the financial crisis, and the debt had risen to £1 billion.
The Bank of Scotland issued a statement which said: “Unfortunately, no agreement could be reached, which prompted the appointment of receivers. While the receivers are now in place, the Bank remains willing to continue discussions to find a suitable solution.”…