The former owners of the Telegraph Media Group have sold the superyacht named after the Barclay twins’ late mother as they continue to sell off assets to repay debts across their corporate empire.
The cash-strapped Barclay family have sold the Lady Beatrice to the financier Peter Dubens for an undisclosed amount after putting it up for sale 17 months ago at €22 million.
The 60-metre yacht is named in honour of Beatrice Cecelia Taylor, mother of Sir David and Sir Frederick Barclay, and was described in sales particulars as a vessel of “timeless opulence and craftsmanship”.
Sir David and Sir Frederick treasured the yacht and decorated its interiors according to their eclectic tastes, with pin-striped sofa seating, faux Greek columns, and a Renaissance-style fresco ceiling in the formal dining area. The yacht was built in 1993 at the Feadship yard in the Netherlands. It has suites capable of accommodating 16 passengers, with dining areas on the main and lower decks, and a pool on its top deck.
Scions of the Barclay twins have been forced to sell off assets following the death of Sir David Barclay in January 2021. Banks and other creditors have been chasing the family’s personal and corporate interests as the scale of their indebtedness became clear, culminating in Lloyds Bank seizing Telegraph Media Group and putting it up for sale in June 2023.
The Times understands that the estate of Sir David sold the family yacht in February. Peter Dubens is the founder of Oakley Capital, the private equity firm, and chairman of Time Out Group, the magazine publisher. The entrepreneur has purchased Lady Beatrice through a company based in Bermuda.
The Lady Beatrice’s ownership transferred to Dubens’ company Kizbel Bermuda Limited on February 12, and the company has taken out a €1 million mortgage from Investec secured against the vessel, according to documents seen by The Times.
The sale of The Telegraph is continuing under the auspices of RedBird IMI, an Abu Dhabi venture, which bought the newspaper’s debt in November 2024. RedBird IMI had hoped to convert the debt into equity to secure ownership of The Telegraph and its sister publication, The Spectator.
Its bid was blocked by UK ministers, who were concerned about the venture’s funding, which was largely provided by Sheikh Mansour bin Zayed bin Sultan al-Nahyan, the deputy prime minister of the United Arab Emirates. RedBird IMI is trying to sell The Telegraph for £500 million, but it has been searching for a buyer for over a year and has been unable to secure a deal. One media source said: “It is a miracle that the editorial team have kept the show on the road despite the endless delay.”
