Balance sheet released on Wednesday (June 19) indicates that the amount was withdrawn by the Barclay family, from the communications group
The Telegraph Media Group, publisher of the British newspaper Telegraph, faced a £244.6m loss in 2023, a drastic change compared to the £33.3m profit the previous year. This loss was mainly due to a provision of almost £280 million to cover loans to the Barclay family, considered “unlikely to be reimbursed.”. The situation was reported by the Telegraphon Wednesday (June 19, 2024), highlighting the financial difficulties of the group, which is currently for sale.
The complexity of the case increased with the intervention of HMRC investigators (Her Majesty’s Revenue and Customs) and the United Kingdom’s National Crime Agency, which analyzed transactions considered suspicious carried out over 7 years in amounts paid to controlling companies and family properties. Despite efforts to trace the money, the results were inconclusive.
Furthermore, the group’s review of these transactions revealed “potential irregularities in the recording of transactions”, suggesting the possibility of future refund claims against the company and the group. The Barclay family chose not to comment on the investigations.
Since June 2023, the group’s financial situation has become uncertain, with headlines in the Telegraph and magazine Spectator being seized by English banks, due to the Barclay family’s considered inability to pay £1.16 billion in debts. These debts were later paid off by a UAE-backed consortium, which expressed interest in acquiring the group but withdrew under political pressure.
Despite these challenges, Telegraph Media Group saw an increase in turnover to £268m in 2023, driven by growth in digital advertising, partnerships and digital subscriptions. The company exceeded 1 million of subscribers in August 2023. Here is the complete of the document (PDF–9MB in English).
Anna Jones, chief executive of Telegraph Media Group, emphasized the group’s resilience in the face of these obstacles, highlighting growth in pre-exceptional operating profits, driven by advances in digital advertising and digital subscription revenue.
#Telegraph #talks #loss #million #pounds