• by Ray Schultz , June 11, 2023

The Bank of Scotland has placed B.UK Limited, the firm that controls The Daily and Sunday Teletgraph and the Spectator, into receivership, ensuring that the publications will be put up for auction.

The bank, seeking repayment of almost £1 billion in loans, has appointed the firm AlixPartners as official receiver, according to The Guardian. The receiver will seize the shares owned by the Barclay family in B.UK Limited, it adds. 

In addition, Bank of Scotland’s parent company, Lloyds Banking Group, has reportedly appointed Lazard and may hire one other investment bank, to pursue an auction. 

The twin brothers David and Frederick Barclay bought the Telegraph Media Group, the parent of the newspapers, in a £665 million sale in 2004, The Guardian continues.