Telegraph says Barclay family may not pay back huge debt

The provision for the Barclay family’s debt pushed the group to a loss of £244.6mil in 2023 from a profit of £33.3mil a year earlier. — Bloomberg

LONDON: The Telegraph Media Group swung to a loss in 2023 after setting aside £277.6mil (US$353mil) to cover loans to the Barclay family, warning it may not recoup the sum.

A review conducted as part of the group’s sale process also uncovered “potential irregularities” in how some historic transactions with related parties and within the group were recorded and warned of a risk of “future possible claims against the company,” the UK media group said in a financial report.