The sale of the Telegraph has drawn a glittering array of bidders

IN July this year, Howard Barclay told a court that prospective buyers of the Telegraph Media Group regarded the UK newspaper publisher as “a distressed asset” and it was “not going to be an easy asset to sell”

- Chris Blackhurst

He was testifying in a legal battle over the settlement between his uncle, Sir Frederick Barclay, and Sir Frederick’s ex-wife Lady Hiroko following their divorce. Lady Hiroko had yet to receive the money. That, claimed Sir Frederick, was because he found it hard to lay his hands on the cash.

Sir Frederick’s assets could not be accessed without the help of Howard and his brother Adrian, sons of Sir Frederick’s late twin brother, David. Included in those assets was Sir Frederick’s claim to part of the Telegraph group. Hence Howard’s evidence and the assertion that it would be a tough sell. To which there can only be one response: really?

Not only are sales of national newspapers rare but the Telegraph is a solid, profitable business ( profits of £29.6 million before tax in 2021). It also holds considerable sway over the centre-Right of British politics and the Conservative Party and speaks for much of that well-heeled constituency known as Middle England. Whatever Howard said, the Telegraph is highly unlikely to be sold at a discount. The process is being handled by Goldman Sachs on behalf of Lloyds Banking Group after a bank loan to the Barclay family owners was unpaid.

Goldman is running separate auctions for the Telegraph and The Spectator magazine, part of the same group.