HSBC has initiated chapter petitions towards Aidan Barclay and Howard Barclay, marking an additional escalation within the unravelling of the Barclay household’s enterprise empire following the collapse of their logistics group.
Court docket filings present the financial institution lodged the petitions within the Excessive Court docket in December, after recovering solely about £1.1 million of a £143.5 million secured mortgage from the administration of Logistics Group.
The enterprise, which owned parcel supply corporations Yodel and ArrowXL, fell into administration in March 2024 after HSBC known as in its debt and the group was unable to refinance or repay the borrowing.
Directors later confirmed that HSBC’s restoration equated to only 0.78p within the pound, with any additional returns depending on an earn-out linked to the sale of remaining subsidiaries. “Future recoveries for the secured creditor are unsure,” directors from Teneo mentioned in a submitting at Corporations Home.
ArrowXL was bought in June for an preliminary £2.2 million to Jacky Perrenot Group, a fraction of the £57.5 million valuation beforehand ascribed to the enterprise by its administrators. Yodel was bought earlier in 2024, shortly earlier than the group entered formal insolvency proceedings.
The chapter motion provides to a string of high-profile asset losses for the Barclay household. In recent times they’ve relinquished management of the Telegraph Media Group and on-line retailer The Very Group, as lenders moved to implement safety over unpaid money owed.
Final month Worldwide Media Investments, backed by Abu Dhabi, appointed Interpath to promote property property held by means of Trenport Property Holdings, one other Barclay-linked car, following the failed sale of the Telegraph.
Aidan and Howard Barclay, the eldest sons of the late Sir David Barclay, had been listed as administrators of Logistics Group on the time it entered administration. Firm filings final 12 months recorded Aidan Barclay’s major residence as Monaco.
The household’s difficulties intensified after lenders together with Lloyds Banking Group enforced safety over long-running money owed in 2023. A proposed £500 million sale of the Telegraph to RedBird Capital collapsed final 12 months attributable to regulatory obstacles, prolonging uncertainty over the longer term possession of the titles.
HSBC declined to touch upon the chapter petitions. Aidan and Howard Barclay had been approached for remark.
