Barclay title in rescue talks
Sunday 09 August 1998
The talks are being led by Andrew Neil, editor in chief of the Barclays' newspaper group, European Press Holdings, which also includes The Scotsman, Scotland on Sunday, The Midlothian Enquirer and Sunday Business.
Under the proposed rescue operation for The European, a second party would take an equity stake in the company. The Barclay twins would maintain a stake and Mr Neil would become the third shareholder.
Bloomberg, the US-based financial information company, has been cited as one of the three companies currently negotiating with Mr Neil, but the company declined to comment.
The European, founded in 1990 by Robert Maxwell, has swallowed up an estimated pounds 50m since the Barclays bought it in 1992. Mr Neil, the former editor of The Sunday Times who became editor in chief of The European in May 1997, changed the publication to a tabloid and plans to turn it into a business magazine.
These have, however, brought him into conflict with the company's chief executive, Bert Hardy. The paper's circulation has fallen from an initial print run of 340,000 to an official 132,000, although the real figure is probably less than 100,000, according to insiders.
Mr Neil's idea is to establish a joint venture with a company that has the know-how to remarket and distribute the title - in magazine form - across Europe, an idea to which Mr Hardy is thought to be bitterly opposed.
Such a joint venture would be a shrewd face-saving move for the Barclays, who would otherwise find themselves having to suffer either the humiliation of closing the paper or selling it wholesale to someone who could equally embarrass them by making it a success, say sources close to the negotiations.
Critics, however, have accused Mr Neil of contributing to the paper's decline because of his staunchly anti-European Union stance. An article in the French newspaper Le Monde this week described Mr Neil as a "frenetic Francophobe" and the current editor of The European, the former Tory MP, Gerry Malone, as a "raving Europhobe".
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...