David and Frederick Barclay
From Wikipedia, the free encyclopedia
Sir David Barclay and Sir Frederick Barclay (both born on 27 October 1934) are British businessmen. They are twin brothers and are frequently described as being reclusive, which their spokesmen deny. Sir David's son, Aidan Barclay, manages their UK businesses.
Their Press Holdings company owns The Business and The Spectator magazine. The Telegraph Group Limited titles are controlled via a wholly owned subsidiary Press Acquisitions Limited [1]
The Barclay brothers were born within ten minutes of each other in London to Scottish Roman Catholic parents who had ten children. Their father died when they were twelve, and they left school four years later to work in the accounts department at General Electric, before doing a stint as painters and decorators.
By 1962, they started redeveloping old boarding houses in London and making them into hotels. In 1975, they bought the Howard Hotel, overlooking the Thames at Temple Place. In 1983 they bought Ellerman, the brewing and shipping group for £45m. They later sold its brewing division for £240m. They used the proceeds to buy the Ritz Hotel on London's Piccadilly.
In 1992, they entered the newspaper publishing industry, buying the late Robert Maxwell's unsuccessful newspaper, The European. Three years later, they bought The Scotsman newspaper, and in 1996 appointed former The Sunday Times editor Andrew Neil to oversee their publishing interests.
In 1998 they relaunched Sunday Business Newspaper with editor Jeff Randall.
They are reported to be close friends of Cormac Cardinal Murphy-O'Connor, the Archbishop of Westminster. According to newspaper reports, the Cardinal has stayed at the Barclay brothers' home on the Channel Island of Brecqhou and is believed to have blessed the brothers' private chapel and said Mass for them there. [2]
The Barclays are noted philanthropists and were knighted in 2000 for their support to medical research, to which they have given an estimated forty million pounds between 1987 and 2000.
In 1993, the Barclay brothers bought the tenement of the island of Brecqhou, one of the Channel Islands, located just west of Sark. Since the purchase the Barclays have been in several legal disputes with the government of Sark and have expressed a desire to make Brecqhou politically independent from Sark. Notwithstanding the known inheritance laws at the time of their purchase of Brecqhou, the brothers have used their great wealth and consequent ability to litigate effectively to force change of the Sark constitution towards their desired position. This included a claim of denial of their human rights that resulted in a change to the inheritance laws, but in a manner that continued to frustrate their intentions; subsequently, the brothers have continued to challenge Sark's constitution purportedly in favour of greater democracy and presumably in order to achieve the result that their litigation failed to achieve.
In 2002, the brothers purchased the Liverpool based retail company Littlewoods P.L.C. from its founders the Moores family for £750m. The deal was bankrolled by HBOS, which also took a five per cent equity stake in the brothers bidding vehicle, LW Investments. The brothers merged the company with Shop Direct to form Littlewoods Shop Direct Home Shopping Limited, which operates a majority share of the United Kingdom's home shopping market. However their scrapping of the Littlewoods tradition of giving 1% of profits to charities led to accusations of mean-spiritedness.
In 2004, they were listed in 42nd place with an estimate of £750m on the Sunday Times Rich List, and in 2005, they were ranked 33rd with a value of £1.3 billion (USD $2.3 billion).
In July 2004, they bought The Telegraph Group which includes The Daily Telegraph, The Sunday Telegraph, and The Spectator after months of intense bidding and lawsuits. The Telegraph Group was owned by Hollinger Inc. of Toronto, Ontario, Canada, the newspaper group controlled by the Canadian-born British businessman/financier Lord Black of Crossharbour.
The Brothers' period as newspaper proprietors has been more tumultuous than their property interests. They have a reputation as hands-off owners. David Short, a journalist who previously worked on The European, said that he could offer no stories of "strong-armed interference, diktats, statesmannish grandiosity - zilch, nada, rien." However their executives, in particular Neil and Murdoch MacLennan, are controversial figures in journalistic circles. Critics said The European alienated readers when Neil transformed it from a Europhile newspaper into a Eurosceptic magazine. During their ownership of The Scotsman the newspaper went through seven editors in nine years. At the Telegraph Group, MacLennan made over 100 journalists redundant in 2006, prompting the National Union of Journalists to consider strike action. The Sunday Telegraph editor Dominic Lawson was replaced by Sarah Sands in June 2005 but lasted nine months. Patience Wheatcroft, from The Times was appointed editor in March 2006.
On 19 December 2005, the Barclays sold The Scotsman Publications Ltd., itself then part of Press Holdings Group, for £160 million to Johnston Press. The Barclays had owned these publications for a decade, and said they intend to use the capital raised on their other interests.
In October 2006, the Barclays sold handbag.com for £22 million. This was almost all profit: they set up the website in a joint venture with Boots in 1999. [3]
[edit] References
[edit] External links
- BBC: Telegraph empire in tycoons' grip - 18 January 2004
- BBC: Profile of the Barclay Brothers
- The Scotsman: Barclay brothers land Telegraph group as £677m deal is finally done
- Barclays Take Over at Telegraph (includes links to related stories)
- Lady Beatrice photo of the Barclay brothers' megayacht in Monaco
- Description of Barclay brothers' skills as newspaper proprietors.
- Initial reports that the Barclay Brothers may be selling off Telegraph Media Group.
