Yahoo Finance Now private investigators involved in never-ending sale of Daily Telegraph: reports
Abu-Dhabi backed fund Redbird IMI has formally launched the sale of The Telegraph and The Spectator as bankers have tracked down one of the media group’s owners to serve him with a bankruptcy petition.
Redbird IMI has sent a sales document to potential buyers, with first-round bids expected by late July and a deal anticipated later in summer, according to the Financial Times.
The sales process has attracted more than 20 potential buyers, including investment groups and media owners from the UK and abroad. Prospective buyers can bid for either The Telegraph or The Spectator, or both.
The US fund is attempting to recover £600m spent on its thwarted attempt to buy the Telegraph Media Group, which was blocked by the UK government in March over concerns about press freedom.
The sale comes amid financial turmoil for the owners of the right-leaning papers, the Barclay family, who were forced to put the papers up for sale last year after defaulting on £1.1bn worth of debt.
Although the Barclays technically still own the newspaper group, it is controlled by a group of independent directors.
Last week, The Telegraph revealed a £278m shortfall in its finances due to loans extracted by the Barclay family, which it says may never be repaid.
A spokesman for the family said: “Throughout the family’s ownership the business has been managed responsibly and within all legal frameworks, with all accounts approved by auditors.”
High Court documents have also revealed Investec used private investigators to locate Telegraph co-owner Alistair Barclay, in a bid to have him declared bankrupt over unpaid debts amounting to nearly £1m.
He was found residing with his mother in a luxurious seafront block on Princess Avenue in Monaco, known for its high-profile residents, including Sir Philip Green.
According to High Court documents, Barclay had been “actively avoiding service since November 2023”.
During a hearing held last week to consider the petition against Barclay, Investec claimed he appears to own UK assets, including a £10,000 loan to a company called “Dangerous Don Limited” and a multimillion-pound property in Mayfair.
Investec’s argument said investigators discovered that Barclay “regularly moves addresses – apparently for tax reasons”.
“He has refused to provide an address for service and has instructed his accountants not to disclose his address,” the bank added.
Investec declined to comment. Alistair Barclay could not be reached for comment
