Abu Dhabi Fund Gains Control of Barclay Property Empire Amid Telegraph Fallout

The collapse of the Barclay family’s business empire has taken a significant new turn as International Media Investments, a fund owned by Abu Dhabi, has assumed control of Trenport Property Holdings. This move follows the failure of an attempted takeover of The Telegraph and comes as the fund seeks to recover losses incurred during its support of the Barclays in their efforts to settle debts owed to Lloyds Banking Group.

International Media Investments, which initially arranged a partnership with RedBird Capital to acquire The Telegraph, appointed insolvency specialists at Interpath to manage the divestment of assets within Trenport. The Government’s introduction of new laws prohibiting state ownership of British newspapers ultimately scuppered the Abu Dhabi-led bid, leaving Trenport and its portfolio as collateral for outstanding loans to the Barclays.

Alongside property interests, IMI has taken control of Shop Direct Holdings, previously the parent company of the Very Group, which recently transferred to ownership of the American equity firm Carlyle. The administration process at Trenport signals a further step in the unraveling of what was once one of the UK’s most influential family-owned empires. Long regarded as the centrepiece of Barclay interests, Trenport had avoided the earlier wave of fire sales that stripped the family of the Very Group, logistics firm Arrow XL, and the headquarters of The Spectator magazine.

Trenport’s property assets are now under review by Interpath administrators, who are expected to begin a controlled sale to recoup value for creditors during the coming months. The company has played a prominent role in British residential and commercial development since 1976, with its holdings believed to include projects such as the 35-home Rosechurch community in Kent and a major distribution facility in the East Midlands linked to the Very Group. Recent filings indicate the value of Trenport’s real estate assets stands at £90 million, although 2024 profits shrank to £1.9 million amid a precipitous fall in revenue.

The transfer of Trenport follows a series of high-profile losses for the Barclays, including the sale of Yodel for a nominal sum and the liquidation of prized personal assets. The Barclay family is also dealing with mounting pressures from defaulted loans across several of their business vehicles, which has forced major creditors such as HSBC to absorb substantial losses. Administrators report that Trenport’s insolvency stems from a defaulted loan agreement with LW Holding Limited, itself holding significant debt obligations.

Aidan and Howard Barclay, the sons of the late Sir David Barclay, remain listed as directors, though Trenport’s ownership links via Jersey structures underscore the complexity and opacity of the family’s property empire. As the dismantling of the Barclays’ holdings continues, market observers remain focused on the fate of Trenport’s development assets and the implications for creditors in the UK property and finance sectors.