Oct 27, 2019

Barclay brothers in £500m cash call for ailing empire

The billionaire Barclay brothers, who own The Ritz hotel in London and Britain's Telegraph newspaper, are close to pumping half a billion pounds into their ailing empire even as they review the assets for possible sale. David and Frederick Barclay have poured in £325m in the past 18 months, according to analysis of public filings, and they face a new cash call at Shop Direct that would take the total to £500m. The billionaire twins, who turned 85 on Sunday, have now authorised a full review of their businesses. It is likely to run up against a host of regulatory and commercial hurdles, including the price expectations of the Barclay brothers. In the past, potential buyers have been put off by the brothers seeking to recoup the £665m they paid for the Telegraph group in 2004, according to two newspaper executives. The Barclay brothers, who have publicly affirmed their "Unquestionable commitment" to supporting the retailer, put in £100m to cover a previous PPI provision in June 2018.

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