HSBC has launched bankruptcy petitions against Aidan Barclay and Howard Barclay, marking a further increase in the disintegration of the Barclay family business empire following the collapse of their logistics group.
The bank filed appeals at the High Court in December after recovering only £1.1 million of a £143.5 million secured loan from the logistics group into administration, court filings show.
The business, which owned parcel delivery firms Yodel and AeroXL, fell into administration in March 2024 after HSBC withdrew its loan and the group was unable to refinance or repay borrowings.
Administrators later confirmed that HSBC's recovery is worth only 0.78p in the pound, with any further return dependent on earnings linked to the sale of remaining subsidiaries. “The future recovery for the secured lender is uncertain,” Teneo's administrators said in a filing at Companies House.
AeroXL was sold to the Jackie Perrenot Group in June for an initial £2.2 million, a fraction of the £57.5 million valuation previously given to the business by its directors. Yodel was sold in 2024, shortly before the group entered formal insolvency proceedings.
The bankruptcy action adds to a series of high-profile property losses for the Barclay family. In recent years he has given up control of Telegraph Media Group and online retailer The Very Group, as creditors have moved to enforce security over unpaid debts.
Last month Abu Dhabi-backed International Media Investments appointed Interpath to sell assets held through Trainport Property Holdings, another vehicle linked to Barclay, following the failed sale of Telegraph.
Aidan and Howard Barclay, the eldest son of the late Sir David Barclay, were listed as directors of the logistics group when it entered administration. Aiden Barclay's main residence was listed as Monaco in company filings last year.
The family's difficulties intensified after lenders including Lloyds Banking Group imposed protection on long-running loans due in 2023. Telegraph's proposed £500 million sale to Redbird Capital failed last year due to regulatory hurdles, raising uncertainty over the future ownership of the titles.
HSBC declined to comment on the bankruptcy petitions. Aidan and Howard Barclay have been contacted for comment.
jamie young
Jamie is a senior reporter at Business Matters, with over a decade of experience in UK SME business reporting. Jamie has a degree in Business Administration and regularly attends industry conferences and workshops. When Jamie is not reporting on the latest business developments, he is passionate about mentoring budding journalists and entrepreneurs to inspire the next generation of business leaders.