HSBC has initiated bankruptcy petitions against Aidan Barclay and Howard Barclay, marking a further escalation in the unravelling of the Barclay family’s business empire following the collapse of their logistics group.
Court filings show the bank lodged the petitions in the High Court in December, after recovering only about £1.1 million of a £143.5 million secured loan from the administration of Logistics Group.
The business, which owned parcel delivery firms Yodel and ArrowXL, fell into administration in March 2024 after HSBC called in its debt and the group was unable to refinance or repay the borrowing.
Administrators later confirmed that HSBC’s recovery equated to just 0.78p in the pound, with any further returns dependent on an earn-out linked to the sale of remaining subsidiaries. “Future recoveries for the secured creditor are uncertain,” administrators from Teneo said in a filing at Companies House.
ArrowXL was sold in June for an initial £2.2 million to Jacky Perrenot Group, a fraction of the £57.5 million valuation previously ascribed to the business by its directors. Yodel was sold earlier in 2024, shortly before the group entered formal insolvency proceedings.
The bankruptcy action adds to a string of high-profile asset losses for the Barclay family. In recent years they have relinquished control of the Telegraph Media Group and online retailer The Very Group, as lenders moved to enforce security over unpaid debts.
Last month International Media Investments, backed by Abu Dhabi, appointed Interpath to sell property assets held through Trenport Property Holdings, another Barclay-linked vehicle, following the failed sale of the Telegraph.
Aidan and Howard Barclay, the eldest sons of the late Sir David Barclay, were listed as directors of Logistics Group at the time it entered administration. Company filings last year recorded Aidan Barclay’s main residence as Monaco.
The family’s difficulties intensified after lenders including Lloyds Banking Group enforced security over long-running debts in 2023. A proposed £500 million sale of the Telegraph to RedBird Capital collapsed last year due to regulatory obstacles, prolonging uncertainty over the future ownership of the titles.
HSBC declined to comment on the bankruptcy petitions. Aidan and Howard Barclay were approached for comment.
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HSBC launches bankruptcy proceedings against Barclay brothers over logistics collapse
