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Stock impact report

Barclay family funnels millions of pounds to offshore company amid debt crisis [Yahoo! Finance]

Lloyds Banking Group Plc American Depositary Shares (LYG) 
US:NYSE Investor Relations: lloydsbankinggroup.com/investors
Company Research Source: Yahoo! Finance
Very's annual report reveals a previously unaccounted-for £2.8m payment in 2023 to a Guernsey-registered company called Societe Le Marchant, of which brothers Aidan and Howard Barclay are directors. The movement of cash, acknowledged in restated accounts as the “purchase of services”, was followed by a further £1m this year. Very has not provided further explanation for the payments. The payments were made amid massive financial pressure on the Barclay family , which led to Lloyds Banking Group seizing control of The Telegraph last June. The family ultimately paid off an overdue £1.2bn debt to Lloyds with new borrowing in a deal that was intended to hand The Telegraph to RedBird IMI, a fund backed by the Abu Dhabi royal Sheikh Mansour bin Zayed Al Nahyan. RedBird was blocked from taking control following an outcry over press freedom, however. The Barclay family remain owners of The Telegraph but are barred by law from exercising any control. RedBird IMI is in the process of s Show less Read more
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