Barclays face second inquiry into takeover of Telegraph
The Guardian|January 27, 2024
A second investigation was launched yesterday into the Barclay family's deal to transfer control of the Telegraph newspaper group, pushing the deadline for regulators' reports on the public interest threat it poses by more than six weeks.
Mark Sweney
Barclays face second inquiry into takeover of Telegraph

The government moved swiftly to order the second watchdog inquiry hours after the group's chief executive, Nick Hugh, stepped down.

The culture secretary, Lucy Frazer, issued the new public interest intervention notice (PIIN) after the Barclays' UAE-backed consortium partner revealed a last-minute corporate structure change on Wednesday.

She had criticised RedBird IMI for alerting her department to the move to create a UK holding company to home the Telegraph and Spectator titles at a "very late stage".

The new investigation supersedes one Frazer ordered in November, which had been due to report its findings yesterday and will cover the same ground.

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