Hedge fund boss Sir Paul Marshall plots Spectator swoop
Hedge fund boss Sir Paul Marshall is mulling a potential bid for The Spectator magazine after its parent company was forced into receivership last week, according to reports.
The parent company of The Spectator and the Telegraph, a Bermuda-based holding firm owned by the Barclay family, was placed into the hands of receivers last week after failing to cough up debts owed to Lloyds Banking Group.
The two Telegraph titles and The Spectator magazine will now be auctioned off as part of the arrangement.
Marshall, who runs the hedge fund Marshall Wace, has reportedly been openly discussing a bid for The Spectator, The Sunday Times reported. The Spectator could reportedly fetch as much as £50m in a bidding process.
The move would build the hedge fund billionaire’s stake in the right-wing press, with Marshall already owning a major chunk of right-wing news outlet GB News.
The sale will shift the titles out of the control of the Barclay family who scooped up the titles in 2004 for £665m. The sons of the late Sir David Barclay have been removed from the board of directors but are reportedly trying to cling on to the publications.
In a statement last week, receivers at Alix Partners said they were “willing to continue discussions” with the Barclays’ firm.
The two title are profitable, and receivers said last week that the move to plc the firm in their control is “in no way related to the financial health or performance of the Telegraph or Spectator businesses”.
They added that they “do not anticipate any operational changes to the businesses or their employees”.
Marshall Wace did not respond to a request for comment.