Barclay Brothers lent £40m to Telegraph company

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The Barclays’ brothers lent £40m to the company behind the Daily Telegraph last year to tide the business over after it ran up a loss of £33m during 2008.

This is not the first occasion that the Barclays have provided financial support, reports The Times.

Since purchasing the Daily and Sunday Telegraph titles from Conrad Black’s Hollinger International for £665m in 2004 they have provided extra finance on three occassions. 

The accounts filed for the Barclays’ Press Acquisitions do not outline a reason for the loan. A company spokesman told the Times the loan was repaid in April from a £45m cash reserve.

The news follows reports last week that Telegraph Media Group had a pre-tax loss of £15.7m last year.

The group racked up operating profits before exceptional items of £32m, down 6.7 per cent year-on-year. But other costs, notably the £32.9m for terminating the West Ferry joint printing with Richard Desmond’s Northern & Shell, contributed to a loss.

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