Telegraph homeowners dealt contemporary blow as Arrow XL father or mother collapses
The homeowners of The Daily Telegraph have been dealt a contemporary blow after the collapse of the father or mother firm behind Arrow XL, a UK-wide supply enterprise.
Sky News has learnt that Logistics Group Limited, which till just lately additionally owned Yodel, fell into administration earlier on Friday.
The choice is known to have been orchestrated by HSBC, the corporate’s primary lender.
Money latest: Lender to increase some mortgage deals in ‘baffling’ move
It was unclear on Friday what number of jobs might be put in danger by the insolvency.
The transfer is the most recent setback to befall the Barclay household, which was as soon as among the many richest in Britain however in current months has had intense strain utilized to it by excessive road lenders together with HSBC and Lloyds Banking Group.
Last summer time, Lloyds compelled the Telegraph‘s father or mother firm into insolvency, triggering an public sale of the newspaper and The Spectator journal.
A £1.2bn deal struck by the household with RedBird IMI, an Abu Dhabi-backed car, seemed to have secured a £600m sale of the media property, however that deal has been scuppered by parliamentarians against overseas state possession of newspapers.
An extra public sale is now seemingly, however leaves vital unanswered questions in regards to the Barclays’ capability to finance their different companies, together with Very Group, the web procuring platform.
Read extra:
Telegraph acquisition may ‘operate against the public interest’
Frazer rebukes Telegraph directors over removal of newspaper bosses
Foreign governments face ban on owning British newspapers
Aidan Barclay can also be a director of Logistics Group Limited. Pic: Reuters
In an announcement launched to Sky News, a spokesman for the Barclay household mentioned: “We can confirm that following the successful sale of Yodel Delivery Network Limited (“Yodel”), Daniel Butters and Daniel Smith of Teneo have been appointed as joint administrators of Yodel’s non-trading holding company, Logistics Group Limited (“LGL”).
“The appointment of directors to LGL doesn’t in any approach influence on Arrow XL Limited or on some other a part of the group which proceed to function as regular.
“The appointment was made by HSBC, with whom the group is continuing to work with following the sale of Yodel.”
Last month, Yodel was offered to a newly fashioned firm known as YDLGP, which is backed by the founding father of Shift, a rival courier firm.