The Scottish lending bank, the UK’s leading broadcasting organization, has stated in this context that due to loan default, there is no way to pay these debts and no one else can. B.UK Limited’s only option was to appoint a receiver.
It is a Bermuda holding company affiliated with the wealthy Barclay family’s Telegraph Media Group.
In a statement, the bank stated that the appointment of receivers was a last resort following negotiations for an agreed resolution and repayment of the debt, which totaled one billion pounds (1.2 billion euros).
According to the statement, no agreement has been reached in this regard, but the bank is willing to continue discussions in order to find a suitable solution. The bank has appointed AlixPartners, a financial advisory firm, as receiver over b.uk ltd.
According to media reports, the firm Alex Partners stated that the newspaper group will continue to publish daily and that the receipts are unrelated to the company’s financial health or performance.
According to reports, the Telegraph Media Group was purchased in 2004 for £665 million by twin brothers Sir Frederick and Sir David Barclay.
According to Alex Partners, Howard and Aidan Barclay, sons of the late Sir David Barclay, have been removed as directors of the company.
According to the media, the Barclay family has stated that talks with Lloyds Banking Group, the parent company of the Bank of Scotland, are ongoing, and that they hope to reach an agreement that will satisfy all parties.
Experts estimate that the Telegraph Media Group is worth between 500 and 600 million pounds, according to reports.