The Barclays, who live in a mock Gothic castle on the small island of Brecqhou near Sark, have been leading advocates of Britain’s withdrawal from the European Union.
The brothers’ main retail business, Shop Direct — owner of the Littlewoods and Very.co.uk brands — has also faced a tough year, making a pre-tax loss of £24.7 million after having had to put aside £128 million to cover compensation to customers who were mis-sold PPI insurance policies. There was also a provision of £22.5 million to cover the costs of a new distribution centre.
Last month, Shop Direct said it was shutting its Littlewoods Clearance operation, which will result in the closure of seven stores and the loss of 143 jobs by the end of February next year.
Profits at the twins’ most high-profile business, Telegraph Media Group, owner of the The Daily Telegraph and Sunday Telegraph titles, almost halved last year from £26.8 million to £14.3 million.
Its parent company, Press Acquisitions, made a £119.6 million pre-tax loss after accounting rules forced a huge write-down of the value of the Telegraph titles.
The brothers, who were born in Hammersmith, do not sit on the boards of the businesses in their empire and are instead represented by Sir David’s sons Aidan and Howard.
The businesses are all ultimately controlled by the trustees of Sir David and Sir Frederick Barclay Family Settlements.
