Barclays are in it for the long term, says Deedes

Deedes: came out of retirement

Telegraph Group chief executive Jeremy Deedes has described the Barclays deal as “the best possible outcome for the Telegraph Group because of the way they look after things”.

He said: “They are not shortterm profit-seekers, they are long-term investors. In addition, they’ve been in our business for quite some time and they understand our business.”

Although the Barclays’ acquisition was “a done deal”, he said the final completion date was not until 31 July.

On the subject of current Daily Telegraph editor Martin Newland, Deedes said: “I think he’s done a fantastic job. It’s not in my gift, it’s in the gift of the Barclays but I hope very much they let him have a proper run at it.

“He’s never had the chance to edit the newspaper in proper circumstances. The manure hit the fan straight after he took over as editor and he’s had that constant distraction almost from day one.”

Deedes came out of retirement to return as chief executive in March.

As to his own future, he said: “The Deedes family do as we are told. I will probably disappear off into retirement at some point but I would like to see it through to its culmination.”

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