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...The Barclay family has pledged its remaining primary UK businesses as security to loans provided by IMI, the Abu Dhabi investment fund, as part of a deal to buy the Telegraph, according to filings....
...Until then, the Barclay family, whose stake in the group was seized by Lloyds Banking Group, retain technical ownership of the newspaper, but with no operational control....
...The court heard that the Barclay family had made a £1bn offer backed by a member of the Emirati royal family....
...RedBird IMI managed to short circuit an auction process of the newspaper and its magazine stablemate, the Spectator, by agreeing to repay the debts of the original owners, the Barclay family, which had prompted...
...Very is the former Littlewoods and Shop Direct business based in Liverpool owned by the Barclays....
...UK bank Lloyds has kicked off the sale of the Telegraph and the Spectator magazine after taking control of the titles from the Barclay family earlier this summer....
...Have a great week, Helen ThomasHead of Lexhelen.thomas@ft.com...
...Aidan Barclay — the son of Sir David Barclay, who with his brother Sir Frederick created the Very Group from the former Littlewoods and Shop Direct businesses — will assume the role of non-executive chair...
...A portrait of the bewhiskered duke — later George V — stares down at us....
...Any decision to sell would likely also need to involve the Barclay family, which remains the technical owner of the Telegraph Media Group....
...RedBird IMI last year struck a deal to buy the media group from Lloyds for about £600mn after the bank seized control from the Barclay family over unpaid debts....
...On Monday the Barclay family paid Lloyds more than £1.1bn to clear their decades-long debts with the bank....
...Lloyds and the Barclay family declined to comment....
...The first thing many British reporters know about the business built by Frederick and David Barclay is that it is secretive to the point of reclusiveness....
...RedBird agreed to repay the roughly £600mn debt of the original owners of the Telegraph group, the Barclay family, which had prompted Lloyds Banking Group to seize control of the assets....
...People close to the process question why the Barclay family does not use the money to compete with rivals in the auction rather than strike a pre-emptive deal....
...However, the Barclay family has in recent days offered to repay all of the £1.1bn in outstanding debt....
...The Barclay family now have until early December to secure the funds from RedBird IMI and repay the loan....
...Frazer’s concerns were aired in a letter to Lloyds, the Barclay family and RedBird on Wednesday morning....
...Barclays is heading into what is seen as a crucial strategy day next week....
...Lloyds Banking Group seized control of the newspaper and magazine from the Barclay family early in the summer following a long-running dispute over unpaid debts of more than £1bn....
...RedBird IMI managed to short-circuit an auction process of the newspaper group last year by agreeing to repay the debts of the original owners, the Barclay family, which had prompted the Lloyds Banking Group...
...Abu Dhabi-funded Redbird IMI — the investment vehicle led by former CNN boss Jeff Zucker — has offered to buy the newspaper through a debt-for-equity swap with the Barclay family, who had owned the publication...
...The Barclay family would use the money from Redbird IMI as well as IMI directly to pay down the £1.1bn they owe to the bank....
...The family and the banker The Barclay empire was built by Sir David and Sir Frederick Barclay, London-born identical twin sons of a travelling sweets salesman....
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