Global is brothers' next port of call

THE Barclay brothers are believed to be negotiating the purchase of Global Marine, a troubled shipping company that was once the cable-laying operation of Cable & Wireless.

Fresh from their £665m acquisition of Telegraph Newspapers, Sir David and Sir Frederick Barclay are now said to be in talks to buy Global, which went into administration earlier this month.

According to a report in the shipping newspaper Lloyd's List, the negotiations were disclosed at a meeting of creditors who were told that unless there is a takeover bid, they can expect to receive only 14p in the pound.

Best known for their media holdings, the Ritz hotel and the Littlewoods catalogue business, the Barclays have been closely involved in shipping over the years.

They owned Ellerman Line, Gotaas-Larsen and recently sold a 23.6% stake in tanker operator Osprey Maritime to John Fredriksen.

The administrator of Global Marine said the Barclay brothers intended to diversify the business into services for the defence, oil and gas industries.

Global, based in Chelmsford, Essex, was bought this summer by an equity group for £8.1 million. The creditors meeting was postponed until next month.