SIR David and Sir Frederick Barclay, the owners of the Telegraph Media Group, have bought 3% share in the Maybourne hotel group of Davy deputy chairman Kyran McLaughlin’s for more than £7m (€8m).
The move takes the twin brothers’ equity stake in the London hotels group to 28%. They also own Derek Quinlan’s loans, purchased from Halifax Bank of Scotland last month, which gives them an option over a further 21.6%. This means they are just short of majority control of the group, which owns Claridge’s, the Connaught and the Berkeley.
The Barclays may use their holding to increase pressure on Paddy McKillen, a 37% shareholder, to sell. McKillen is resisting selling to the brothers, a move that would allow them to refinance the hotel group out of the National Asset Management Agency, which controls its debts of £650m.
The hotels, which employ 1,100 people, have predicted earnings before interest, taxes, depreciation and amortisation of £50m this year.
Claridge’s has planning permission for an extension that would boost Maybourne’s ability to generate revenues.