The billionaire Barclay brothers have put the Telegraph newspapers 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 are also owners. The viewer Magazine, The Ritz Hotel, and online retailer Shop Direct.
the Daily and Sunday Telegraph, owned by the wealthy 84-year-old brothers since 2004, has been released after months of speculation, according to The times.
It has been suggested that Sir Frederick may have been interested in selling the business, but this has not been proven.
Potential buyers could include Daily Mail and General Trust, which owns the Daily mail, and Evgeny Lebedev, owner of the The independent and Evening standard.
It comes after reports that the family also received offers of around £ 800 million for the five-star Ritz, on Piccadilly in central London, which they bought for £ 75 million in 1995.
According to the hotel’s latest financial statements, pre-tax earnings were nearly halved last year from £ 12.8 million to £ 7.9 million, while turnover increased by £ 1 million. . The times reports.
Shop Direct, which was created when the family merged Littlewoods and GUS and has annual sales of over £ 1.9bn, could also be sold.
It is understood The viewer is not part of the strategic review, which is believed to have been triggered by a difference of interests within the family, according to The times.
Sir David and Sir Frederick are believed to be worth £ 8 billion, according to The Sunday Times rich list.
The identical twins made their fortune investing in property, media, and retail.
After establishing themselves as painters and decorators, they ran a tobacconist, but Sir Frederick reportedly went bankrupt.
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In the 1970s, they started buying old London guesthouses and turning them into hotels.
They entered the media industry buying The European newspaper in 1992.
The brothers, who now live in Brecqhou in the Channel Islands, were knighted in 2000 for their support of charities and medical research.
They also own Yodel, a delivery company. Sir David’s son Aidan runs its operations in the UK.