Lloyds Banking Group takes control of The Telegraph

Off the back of this, the bank has appointed AlixPartners as receivers to manage the group – which also owns magazine The Spectator – while investment banks, one of which is reportedly Lazard, runs an auction for the business.  

Additionally, Aidan Barclay – who had been chairman – and his brother Howard were removed from the TMG board along with their associate Philip Peters.  

The news is the culmination of a long-standing dispute between Lloyds and TMG’s previous owners, the Barclay family, over debts owed to its Bank of Scotland subsidiary, which were secured against the publisher and date to the pre-crisis era of large corporate loans issued by HBOS.  

According to The Telegraph, the change is expected to have no impact on the operations of the business or its staff, with the receivers also confirming the publisher is not entering administration.

 
Speaking to staff, TMG chief executive Nick Hugh said: “I want to assure you all that this is a successful, profitable business. I am confident we will continue to grow and prosper.”