Barclay brothers put Telegraph newspapers up for sale, reports claim
Billionaire identical twins said to be reviewing family’s business empire
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The billionaire Barclay brothers have put the Telegraph newspapers up for sale as they review their family empire.
Aidan and Howard Barclay, 63 and 59, are reportedly evaluating the family’s businesses on behalf of their father Sir David Barclay and his twin Sir Frederick, who also own The Spectator magazine, The Ritz Hotel, and online retailer Shop Direct.
The Daily and Sunday Telegraph, which the wealthy 84-year-old brothers have owned since 2004, have been put on the market after months of speculation, according to The Times.
It has been suggested Sir Frederick may have been keen to sell the business, but this has not been substantiated.
Potential buyers could include Daily Mail and General Trust, owner of the Daily Mail, and Evgeny Lebedev, owner of the The Independent and Evening Standard.
It comes following reports the family has also received offers of about £800m for the five-star Ritz, in Piccadilly, in central London, which they bought for £75m in 1995.
According to the hotel’s latest financial filings, profit before tax almost halved last year from £12.8m to £7.9m, while turnover increased by £1m, The Times reports.
Shop Direct, which was created when the family merged Littlewoods and GUS and has annual sales of more than £1.9 billion, could also be sold off.
It is understood The Spectator is not part of the strategic review, which is thought to have been sparked by a difference in interests within the family, according to The Times.
Sir David and Sir Frederick are believed to be worth £8bn, according to The Sunday Times rich list.
The identical twins made their fortune investing in property, media and retail.
After setting up as painters and decorators, they ran a tobacconists but Sir Frederick was allegedly made bankrupt.
In the 1970s, they started buying old boarding houses in London and converting them into hotels.
They entered the media industry by buying The European newspaper in 1992.
The brothers, who now live in Brecqhou, in the Channel Islands, were knighted in 2000 for their support to charities and medical research.
They also own Yodel, a delivery business. Sir David's son Aidan runs their UK operations.
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