Sale of the century...

Billionaires want to offload empire – including Ritz hotel

THE billionaire Barclay brothers are gearing up to sell off their business empire – from The Ritz hotel to the Telegraph newspapers.

After setting out in the 1970s converting London boarding houses to hotels, Sir Frederick and Sir David made an £8billion fortune by branching out into retail, hotels and the media.

But a growing generational divide within the family means the twins, who turned 85 on Sunday, are now considering whether to cash in.

The business, which has recently been mired in financial difficulties, has been spearheaded by Sir David’s sons Aiden, 63, and Howard, 59.

They are examining whether to sell off all four major businesses – including The Ritz, the Telegraph Media Group, online retailer Shop Direct which owns the Littlewoods brand, and courier service Yodel.

One insider close to the talks said that although the family have been ‘unified on the business front for decades they now have different perspectives and ambitions’.

Advisers have already been appointed to explore the sale of The Ritz, with a mooted price of £800million. A review of the other businesses is unlikely to begin until next year, but the family hopes to complete the process in 12 to 18 months.

An insider stressed that the family is not under any pressure and will take their time, but ‘if the right deal comes along then great’. However, would-be suitors may be put off by a dramatic fall in profits at the Telegraph and a hugely expensive misselling scandal at Shop Direct which has cost the firm £550million.

A spokesman for the Barclay family declined to comment.

‘Different ambitions’