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Telegraph and Spectator set for sale

The Daily and Sunday Telegraph and The Spectator magazine are set to be put up for sale after talks between owners the Barclay family and lenders Lloyds Banking Group collapsed.

Telegraph and Spectator set for sale

Lloyds Banking Group has appointed corporate finance advisory firm AlixPartners as official receivers for Press Acquisitions, the company controlled by the Barclay family.

The bank is seeking a sale of the titles in a bid to recover debts owed by the network of holding companies.

The titles are reportedly worth between £500m and £600m.

In a statement, Lloyds Banking Group said: “The decision... follows numerous discussions with B.UK's parent company, Penultimate Investment Holdings Limited (PIHL). The aim of these discussions, which were held over a long period and undertaken in good faith, had been to find a consensual solution and repayment of PIHL's borrowing to Bank of Scotland.”

“Unfortunately, no agreement could be reached.”

The bank said, “it was willing to continue discussions to find a suitable solution.”

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