Successful end to brothers' 18-year campaign gets mixed reaction

Part messenger-boy and part general rallying his troops, Jeremy "Custard Socks" Deedes toured
The Daily Telegraph yesterday to bring the staff glad tidings of their new employers.

Part messenger-boy and part general rallying his troops, Jeremy "Custard Socks" Deedes toured The Daily Telegraph yesterday to bring the staff glad tidings of their new employers.

If the Telegraph chief executive's enthusiasm for the change in ownership was as outspoken as his preferred choice of ankle wear, it was not entirely shared by those he was addressing. Mr Deedes told staff he was "delighted " by the successful £665m purchase of the papers by the Barclay twins, and said it represented a successful end to their 18-year campaign to get their hands on the titles. The new owners, said Deedes, were in it for the "long term".

Confirmation of the Barclays' acquisition brought a brief cheer from staff on the daily, but on the 14th-floor home of The Sunday Telegraph there was a muted response.

Relief that months of uncertainty over the future of the papers has ended is tempered by concerns about the costs of the protracted auction process. Lazards bank, acting for the previous owner, Hollinger International, has dragged every last penny from bidding parties.

The Barclays have had to pay far more for the group than they had agreed last year with the former chief executive, Lord Black of Crossharbour, in a deal thrown out by a US court.

One Telegraph executive said: "It is slightly annoying that the price has gone so high. Basic economic law dictates that they are not going to be able to invest as much as before."

But there is scepticism about the record of the Barclays in running other newspapers, notably The Scotsman (circulation down 5.42 per cent year on year) and the defunct European.

And some are nervous at the prospect of the arrival of Andrew Neil, the former editor of The Sunday Times, who now manages the Barclays newspaper titles ( The Scotsman, Scotland on Sunday and The Business).

But one daily executive suggested Mr Neil will "not get a big role", and one on the Sunday predicted that the high-profile media commentator would be limited to being a "quasi-consultant". It is understood the Barclays have not yet talked to Mr Neil about a future role for him at the Telegraph group.

But despite the fears at Canary Wharf, the over-riding feeling among staff was one of gratitude that rivals to the Barclays had not prevailed.

Staff had been even more worried that a bid by the finance group 3i, advised by David Montgomery, the former chief executive of Mirror Group, would succeed. He had proposed severe cost-cutting. "We are very relieved it's not Monty," one executive said.

Suggested Topics
Start your day with The Independent, sign up for daily news emails
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

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

iJobs Job Widget
iJobs Media

Guru Careers: Software Developer / C# Developer

£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...

Guru Careers: Software Developer

£35 - 40k + Benefits: Guru Careers: We are seeking a Software Developer (JavaS...

Guru Careers: Senior Account Manager / SAM

£30 - 35k: Guru Careers: A Senior Account Manager / SAM is needed to join the ...

Ashdown Group: Digital Marketing Manager (EMEA) - City, London

£55000 - £65000 per annum + Benefits: Ashdown Group: Digital Marketing Manager...

Day In a Page

Sun, sex and an anthropological study: One British academic's summer of hell in Magaluf

Sun, sex and an anthropological study

One academic’s summer of hell in Magaluf
From Shakespeare to Rising Damp... to Vicious

Frances de la Tour's 50-year triumph

'Rising Damp' brought De la Tour such recognition that she could be forgiven if she'd never been able to move on. But at 70, she continues to flourish - and to beguile
'That Whitsun, I was late getting away...'

Ian McMillan on the Whitsun Weddings

This weekend is Whitsun, and while the festival may no longer resonate, Larkin's best-loved poem, lives on - along with the train journey at the heart of it
Kathryn Williams explores the works and influences of Sylvia Plath in a new light

Songs from the bell jar

Kathryn Williams explores the works and influences of Sylvia Plath
How one man's day in high heels showed him that Cannes must change its 'no flats' policy

One man's day in high heels

...showed him that Cannes must change its 'flats' policy
Is a quiet crusade to reform executive pay bearing fruit?

Is a quiet crusade to reform executive pay bearing fruit?

Dominic Rossi of Fidelity says his pressure on business to control rewards is working. But why aren’t other fund managers helping?
The King David Hotel gives precious work to Palestinians - unless peace talks are on

King David Hotel: Palestinians not included

The King David is special to Jerusalem. Nick Kochan checked in and discovered it has some special arrangements, too
More people moving from Australia to New Zealand than in the other direction for first time in 24 years

End of the Aussie brain drain

More people moving from Australia to New Zealand than in the other direction for first time in 24 years
Meditation is touted as a cure for mental instability but can it actually be bad for you?

Can meditation be bad for you?

Researching a mass murder, Dr Miguel Farias discovered that, far from bringing inner peace, meditation can leave devotees in pieces
Eurovision 2015: Australians will be cheering on their first-ever entrant this Saturday

Australia's first-ever Eurovision entrant

Australia, a nation of kitsch-worshippers, has always loved the Eurovision Song Contest. Maggie Alderson says it'll fit in fine
Letterman's final Late Show: Laughter, but no tears, as David takes his bow after 33 years

Laughter, but no tears, as Letterman takes his bow after 33 years

Veteran talkshow host steps down to plaudits from four presidents
Ivor Novello Awards 2015: Hozier wins with anti-Catholic song 'Take Me To Church' as John Whittingdale leads praise for Black Sabbath

Hozier's 'blasphemous' song takes Novello award

Singer joins Ed Sheeran and Clean Bandit in celebration of the best in British and Irish music
Tequila gold rush: The spirit has gone from a cheap shot to a multi-billion pound product

Join the tequila gold rush

The spirit has gone from a cheap shot to a multi-billion pound product
12 best statement wallpapers

12 best statement wallpapers

Make an impact and transform a room with a conversation-starting pattern
Paul Scholes column: Does David De Gea really want to leave Manchester United to fight it out for the No 1 spot at Real Madrid?

Paul Scholes column

Does David De Gea really want to leave Manchester United to fight it out for the No 1 spot at Real Madrid?