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The Barclay family has renewed its efforts to persuade Britain’s biggest high street lender to regain control of the Telegraph newspapers after restating an offer to repay the bulk of the debt it owes to the bank.

Sky News understands that the newspapers’ former owners wrote to Lloyds Banking Group again last week to repeat an offer to settle the debt for £1bn.

Lloyds is said to have responded immediately by informing the Barclays that they could either repay more than £1.1bn of borrowing in full, or participate in a recently launched auction of the broadsheet newspaper titles.

The latest exchange between the two sides comes after months of negotiations in the wake of Lloyds’ decision to appoint receivers to take charge of the Telegraph and Spectator magazine’s ultimate holding companies.

A court hearing in the British Virgin Islands, which was adjourned last month, is due to resume in the coming weeks but with little sign that either side is prepared to give sufficient ground to resolve the matter.

Sky News revealed in October that the Barclays had made the £1bn offer, supported by a financing guarantee from First Abu Dhabi Bank, and that Lloyds had rejected it on the basis that it would pursue a formal sale process for two of the UK’s most influential media assets.

Talks orchestrated by Goldman Sachs, the investment bank, have now kicked off with prospective buyers, including Sir Paul Marshall, the hedge fund billionaire and GB News shareholder.

Other potential bidders include Lord Rothermere, the Daily Mail proprietor, who has also been in talks with Middle Eastern investors, and the London-listed media group National World.

The new board of the Telegraph holding company has established an incentive plan to keep key employees motivated during the sale process, with collective financial rewards totalling millions of pounds, Sky News revealed recently.

Lloyds’ decision to press ahead with an auction – which is expected to generate bids of around £600m – has angered the Barclays amid suggestions that the sources of their funding could prompt ministers to launch a probe on public interest grounds.

Until June, the newspapers were chaired by Aidan Barclay – the nephew of Sir Frederick Barclay, the octogenarian who along with his late twin Sir David engineered the takeover of the Telegraph 19 years ago.

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Lloyds had been locked in talks with the Barclays for years about refinancing loans made to them by HBOS prior to that bank’s rescue during the 2008 banking crisis.

The family’s debt to Lloyds also includes some funding tied to Very Group, the Barclay-owned online shopping business.

The Telegraph and Spectator disposals are being overseen by a new crop of directors led by Mike McTighe, the boardroom veteran who chairs Openreach and IG Group, the financial trading firm.

Mr McTighe has been appointed chairman of Press Acquisitions and May Corporation, the respective parent companies of TMG and The Spectator (1828), which publish the media titles.

Both Lloyds and a spokesman for the Barclay family declined to comment.

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MPs seek COVID-19-style financial support cyberattack hit Jaguar Land Rover

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MPs seek COVID-19-style financial support cyberattack hit Jaguar Land Rover

An influential committee of MPs is seeking COVID-19-style financial support for Jaguar Land Rover as it tries to recover from a cyberattack.

After a week of plant closures, the Committee for Business and Trade has written to the chancellor, asking her what is being offered to the carmaker “to mitigate the risk of significant, long-term commercial damage to affected firms”.

The 34,000 UK workers of Jaguar Land Rover (JLR) are to remain at home until at least next week after a cyberattack discovered last week halted operations.

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Staff are still being paid from JLR sites in Halewood, Merseyside, and Solihull and Wolverhampton in the West Midlands, but the entire economy around the West Midlands is affected.

JLR suppliers Evtec, WHS Plastics, SurTec and OPmobility have had to temporarily lay off roughly 6,000 staff.

Operations could be disrupted for “most of September” or worse, according to a report from The Sunday Times.

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On Thursday, Business and Trade Committee chair Liam Byrne wrote to Chancellor Rachel Reeves, saying: “Firms across the supply chain are now warning the committee of disruption to both upstream and downstream businesses.

“This disruption, we are told, may imminently pose very significant risks to cashflow.”

Intervention, akin to the emergency steps taken to secure British Steel production, is suggested by Mr Byrne to “protect sovereign areas of strength in the UK’s industrial, scientific and technological base”.

A group of English-speaking hackers claimed responsibility for the JLR attack via a Telegram platform called Scattered Lapsus$ Hunters, an amalgamation of the names of hacking groups Scattered Spider, Lapsus$ and ShinyHunters.

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Four arrested over M&S, Co-Op and Harrods cyber attacks

Scattered Spider, a loose group of relatively young hackers, were behind the Co-Op, Harrods and M&S attacks.

Four people were arrested for their suspected involvement in the April attacks and have been bailed.

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M&S tech chief leaves months after cyber attack cost it £300m

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M&S tech chief leaves months after cyber attack cost it £300m

The Marks & Spencer (M&S) executive responsible for its technology function is leaving the retailer months after a devastating cyber attack which disrupted its systems at a cost of hundreds of millions of pounds.

Sky News has learnt that Rachel Higham, M&S‘s chief digital and technology officer, is leaving the company.

A former WPP and BT Group executive, Ms Higham was hired by M&S early last year.

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Her departure was announced in an internal memo circulated on Thursday.

In it, the company said she was “stepping back from her role”.

“Rachel has been a steady hand and calm head at an extraordinary time for the business, and we wish her well for the future”.

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July: Four arrested over cyber attacks

The April cyber attack on M&S, which was conducted by a group called Scattered Spider, brought its online operations to a halt, underlining the growing threat posed by such incidents.

Its click-and-collect service is now back up and running, and the retailer expects part of its costs to be covered by insurance.

M&S said early last month that it was not looking to replace Ms Higham following an enquiry from Sky News.

It was unclear who would succeed her in the role or whether she would be eligible for a payoff.

An M&S spokeswoman confirmed on Thursday that the memo was genuine but refused to comment further.

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Supermarket spreadable matches Lurpak in taste test | Sign up to Money newsletter

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Supermarket spreadable matches Lurpak in taste test | Sign up to Money newsletter

Sky News has launched a free Money newsletter – bringing the kind of content you enjoy in the Money blog directly to your inbox.

Each Friday, subscribers get exclusive money-saving tips and features from the team behind the award-winning Money blog, which is read by millions of Britons every month.

Sign up today, and this week you’ll find the following in the newsletter:

  • The free £2,000 that 800,000 parents aren’t claiming
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  • And we outline the best deals available in five key areas for your household budget

So join our growing Money community – and thanks to the thousands of you who already have.

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As a subscriber, you get additional exclusive content that goes beyond the blog.

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You also get first looks at popular features such as Money Problem, Cheap Eats, What It’s Really Like To Be A and our weekend Long Read.

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