Telegraph, Spectator to not resume sale as Barclay family repays debt
"We can confirm the repayment... has now completed," Lloyds said
London: Telegraph Media Group and the Spectator magazine will not resume a sale process it paused last month, the publishers said on Tuesday, after the Barclay family, helped by Abu Dhabi-backed RedBird IMI, repaid a 1.2 billion pound ($1.51 billion) debt to Lloyds Bank.
The publisher of The Daily Telegraph newspaper has been controlled by twin brothers Frederick and David Barclay for nearly two decades - but Lloyds seized control in June over the debt.
"We can confirm the repayment... has now completed," the banking giant said in a brief statement. London: Telegraph Media Group and the Spectator magazine will not resume a sale process it paused last month, the publishers said on Tuesday, after the Barclay family, helped by Abu Dhabi-backed RedBird IMI, repaid a 1.2 billion pound ($1.51 billion) debt to Lloyds Bank.
RedBird IMI - a joint venture between US firm RedBird Capital and Abu Dhabi's International Media Investments - struck a deal earlier this month with the Barclay family to repay the debt in exchange for control of the company.