New owners were forced into fierce bidding war

The road to ownership of the Telegraph Group has been a long one for the Barclay twins Sir David and Sir Frederick, whose names are commonly prefixed with the description "reclusive''.

The road to ownership of the Telegraph Group has been a long one for the Barclay twins Sir David and Sir Frederick, whose names are commonly prefixed with the description "reclusive''.

Lord Black's initial attempt to sell the Telegraph titles to the pair, owners of the Scotsman group of newspapers and the Ritz Hotel in London, was blocked in February by a judge in Wilmington, Delaware.

The Tory peer was prepared to sell the newspapers to them for $466.5m (£250m). Instead they were forced to fight their way through a lengthy bidding war and have now bought the Telegraph Group for $1.33bn (£729.5m).

Jeremy Deedes, the chief executive of the Telegraph Group, said: "There were a lot of people who were very keen to buy it [the group]. This is not a game, it's serious business. All we are able to do is to look at the track record of what they have acquired in the past. I think they [the Barclays] have a terrific record of being reliable, long-term custodians of acquisitions ... over the years.

"That's the perfect answer for the Telegraph," added Mr Deedes, who has said he will step down as chief executive once the new owners are in place.

"It's good news for journalists, it's good news for the company, and it's good news for the long term of the group."

Unlike the Daily Mail and General Trust, which dropped out of the bidding for the Telegraph last week, the Barclays are unlikely to face competition issues as they do not own a substantial slice of the British national daily newspaper market.

Their existing newspaper group, Holyrood Holdings includes The Scotsman, Scotland on Sunday, the Edinburgh Evening News and The Business.

Andrew Neil, the publisher of these titles, has been kept at arm's length during the bidding process, but the former Sunday Times editor is tipped to become a consultant to the Telegraph Group under the Barclays.

Sir David's son Aidan is expected to be appointed to the post of chief operating officer.

The Barclay twins, born in 1934, live in a castle on the Isle of Brecqhou, part of the Channel Islands. They also own the mail order company Littlewoods and the Mirabeau Hotel in Monte Carlo. They were knighted by the Queen in 2000, and were ranked the 159th-richest people in the world by Forbes magazine this year.

In January, Sir David said: " The Daily Telegraph has a long-established editorial position which we respect and with which we do not intend to interfere.''

Start your day with The Independent, sign up for daily news emails
Have you tried new the Independent Digital Edition apps?
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Media

Recruitment Genius: Media & Advertising Sales Executive

£20000 - £25000 per annum: Recruitment Genius: This national business publishi...

Recruitment Genius: Media Telesales Executive - OTE £25,000

£14500 - £16000 per annum: Recruitment Genius: This is an opportunity to join ...

Guru Careers: Bathroom Showroom Manager / Bathroom Sales Designer

£22 - £25k basic + Commission=OTE £35k + Benefits: Guru Careers: A Bathroom Sh...

Guru Careers: Account Executive / Account Manager

£18 - 20k + Benefits: Guru Careers: An Account Executive / Account Manager is ...

Day In a Page

The long walk west: they fled war in Syria, only to get held up in Hungary – now hundreds of refugees have set off on foot for Austria

They fled war in Syria...

...only to get stuck and sidetracked in Hungary
From The Prisoner to Mad Men, elaborate title sequences are one of the keys to a great TV series

Title sequences: From The Prisoner to Mad Men

Elaborate title sequences are one of the keys to a great TV series. But why does the art form have such a chequered history?
Giorgio Armani Beauty's fabric-inspired foundations: Get back to basics this autumn

Giorgio Armani Beauty's foundations

Sumptuous fabrics meet luscious cosmetics for this elegant look
From stowaways to Operation Stack: Life in a transcontinental lorry cab

Life from the inside of a trucker's cab

From stowaways to Operation Stack, it's a challenging time to be a trucker heading to and from the Continent
Kelis interview: The songwriter and sauce-maker on cooking for Pharrell and crying over potatoes

Kelis interview

The singer and sauce-maker on cooking for Pharrell
Refugee crisis: David Cameron lowered the flag for the dead king of Saudi Arabia - will he do the same honour for little Aylan Kurdi?

Cameron lowered the flag for the dead king of Saudi Arabia...

But will he do the same honour for little Aylan Kurdi, asks Robert Fisk
Our leaders lack courage in this refugee crisis. We are shamed by our European neighbours

Our leaders lack courage in this refugee crisis. We are shamed by our European neighbours

Humanity must be at the heart of politics, says Jeremy Corbyn
Joe Biden's 'tease tour': Could the US Vice-President be testing the water for a presidential run?

Joe Biden's 'tease tour'

Could the US Vice-President be testing the water for a presidential run?
Britain's 24-hour culture: With the 'leisured society' a distant dream we're working longer and less regular hours than ever

Britain's 24-hour culture

With the 'leisured society' a distant dream we're working longer and less regular hours than ever
Diplomacy board game: Treachery is the way to win - which makes it just like the real thing

The addictive nature of Diplomacy

Bullying, betrayal, aggression – it may be just a board game, but the family that plays Diplomacy may never look at each other in the same way again
Lady Chatterley's Lover: Racy underwear for fans of DH Lawrence's equally racy tome

Fashion: Ooh, Lady Chatterley!

Take inspiration from DH Lawrence's racy tome with equally racy underwear
8 best children's clocks

Tick-tock: 8 best children's clocks

Whether you’re teaching them to tell the time or putting the finishing touches to a nursery, there’s a ticker for that
Charlie Austin: Queens Park Rangers striker says ‘If the move is not right, I’m not going’

Charlie Austin: ‘If the move is not right, I’m not going’

After hitting 18 goals in the Premier League last season, the QPR striker was the great non-deal of transfer deadline day. But he says he'd preferred another shot at promotion
Isis profits from destruction of antiquities by selling relics to dealers - and then blowing up the buildings they come from to conceal the evidence of looting

How Isis profits from destruction of antiquities

Robert Fisk on the terrorist group's manipulation of the market to increase the price of artefacts
Labour leadership: Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea

'If we lose touch we’ll end up with two decades of the Tories'

In an exclusive interview, Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea