Attempts to trace the cash via a network of companies controlled by the Barclay family have been unsuccessful as part of a review of seven years of potentially irregular transactions that has drawn interest from criminal investigators.
Specialists from HMRC and the National Crime Agency, which acts as an information clearing house for financial authorities including the Serious Fraud Office, have been in contact with the company and its advisers. It has not been disclosed if investigations have been launched and the Barclay family declined to comment.
The £278m, recorded as a “provision” in accounts for 2023 newly filed at Companies House, pushed The Telegraph to a record loss of £245m last year despite what its leaders said was a strong underlying performance.
The sum includes more than £200m extracted as loans on annual amounts in the tens of millions, as well as more than £20m in fees related to the ownership crisis that has gripped the business since last summer. A further £55m relates to a corporate loan.
The losses on paper came despite rises in turnover and underlying earnings that were driven by growth in digital subscriptions and advertising. The Telegraph’s independent directors, brought in when the Barclay family lost control a year ago, said the underlying business remains healthy.
Turnover increased by 5pc to £268m, within which digital subscription revenue was up 18pc and digital advertising 33pc. Total subscriptions, which include print and digital, puzzles and “bonus” free subscriptions, topped one million after climbing more than 300,000.
One wonders where the Dynamic Duo will be found ?
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