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The owners of The Daily Telegraph have been dealt a fresh blow after the collapse of the parent company behind Arrow XL, a UK-wide delivery business.

Sky News has learnt that Logistics Group Limited, which until recently also owned Yodel, fell into administration earlier on Friday.

The decision is understood to have been orchestrated by HSBC, the company’s main lender.

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It was unclear on Friday how many jobs could be put at risk by the insolvency.

The move is the latest setback to befall the Barclay family, which was once among the richest in Britain but in recent months has had intense pressure applied to it by high street lenders including HSBC and Lloyds Banking Group.

Last summer, Lloyds forced the Telegraph‘s parent company into insolvency, triggering an auction of the newspaper and The Spectator magazine.

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A £1.2bn deal struck by the family with RedBird IMI, an Abu Dhabi-backed vehicle, looked to have secured a £600m sale of the media assets, but that deal has been scuppered by parliamentarians opposed to foreign state ownership of newspapers.

A further auction is now likely, but leaves significant unanswered questions about the Barclays’ ability to finance their other businesses, including Very Group, the online shopping platform.

Read more:
Telegraph acquisition may ‘operate against the public interest’
Frazer rebukes Telegraph directors over removal of newspaper bosses
Foreign governments face ban on owning British newspapers

Aidan Barclay is also a director of Logistics Group Limited. Pic: Reuters
Image:
Aidan Barclay is also a director of Logistics Group Limited. Pic: Reuters

In a statement released to Sky News, a spokesman for the Barclay family said: “We can confirm that following the successful sale of Yodel Delivery Network Limited (“Yodel”), Daniel Butters and Daniel Smith of Teneo have been appointed as joint administrators of Yodel’s non-trading holding company, Logistics Group Limited (“LGL”).

“The appointment of administrators to LGL does not in any way impact on Arrow XL Limited or on any other part of the group which continue to operate as normal.

“The appointment was made by HSBC, with whom the group is continuing to work with following the sale of Yodel.”

Last month, Yodel was sold to a newly formed company called YDLGP, which is backed by the founder of Shift, a rival courier company.

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Ben & Jerry’s’ boss would give back money for brand independence amid ‘silencing’ claim

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Ben & Jerry's' boss would give back money for brand independence amid 'silencing' claim

The co-founders of the Ben & Jerry’s ice cream brand are demanding the brand be given its independence back amid a long-running row with its current UK owner.

Ben Cohen and Jerry Greenfield have written an open letter demanding that it be “released” from its parent firm.

Mr Cohen told Sky News he would give back the money he received in the sale of the business to Unilever in 2000 if it meant the brand could be independent.

Ben & Jerry’s is set to spin off all its ice cream brands under The Magnum Ice Cream Company (TMICC) name in a deal set to be fully completed before the end of the year.

“You’re saying, would I give it back? Absolutely. If we could still have Ben and Jerry’s independent, any day”, he said.

“It seems like the board of Magnum has been Trumpified”, Mr Cohen told Sky News as he protested the “silencing” of Ben & Jerry’s social mission.

Money latest: My parents’ row with P&O Cruises was resolved by audio recording

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The consumer goods firm Unilever has never enjoyed an easy relationship with Ben & Jerry’s – a brand known for its activism on many political and social issues.

As part of the original merger deal, an independent board was set up to protect the ice cream brand’s mission.

But a series of disputes have followed.

The most high-profile spat came in 2021 when the US brand took the decision not to sell ice cream in Israeli-occupied Palestinian territories on the grounds that sales would be “inconsistent” with its values.

Ben Cohen in London
Image:
Ben Cohen in London

Unilever responded by selling the business to its licensee in Israel.

The independent board is currently locked in a legal dispute with Unilever, claiming in March that its then-chief executive David Stever was improperly sacked.

Ben Cohen. File pic: AP
Image:
Ben Cohen. File pic: AP

For its part, Unilever has always argued that it “reserved primary responsibility for financial and operational decisions” as owners of Ben & Jerry’s.

In another example of the frostiness between them, an ice cream flavour launched in support of Democrat presidential candidate Kamala Harris went down badly in London.

Ben & Jerry’s claimed Unilever had demanded it stop public criticism of Donald Trump.

Mr Cohen was one of seven people arrested during the Senate protest in May
Image:
Mr Cohen was one of seven people arrested during the Senate protest in May

Ben Cohen himself was arrested earlier this year over a protest in support of Gaza during a US Senate hearing.

He and Mr Greenfield intervened in the ownership row as TMICC briefed investors on their plans at a so-called capital markets day. They say the independent board and many consumers and employees “no longer support the trajectory on which it is set”.

Mr Cohen, who is attending the event to protest, said: “Ben & Jerry’s was founded on a simple but radical premise: that our business could thrive and make outstanding products whilst standing up for progressive values.

“We fought to ensure our social justice mission was protected by Unilever when the company was acquired, but over the past several years, this has been eroded, and the company’s voice has been muted.

“We won’t be silent anymore. Authenticity has always been at the very heart of what we do, and stripping this away risks destroying the very value of Ben & Jerry’s. We urge the board and potential investors to rethink the inclusion of Ben & Jerry’s in Magnum’s future makeup and establish a Free Ben & Jerry’s.”

The new ice cream division, which will also comprise other brands such as Wall’s, is based in the Netherlands and will have a primary stock market listing in Amsterdam.

A spokesperson for The Magnum Ice Cream Company told Sky News: “Ben & Jerry’s is a proud part of The Magnum Ice Cream Company and is not for sale.

“We remain committed to Ben & Jerry’s unique three-part mission – product, economic and social – and look forward to building on its success as an iconic, much-loved business.”

Unilever has also been contacted for comment.

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Nationwide app and internet banking down

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Nationwide app and internet banking down

The mobile banking app and internet banking are down at Britain’s biggest building society.

Nationwide’s online services have been offline since around 3pm on Tuesday.

It apologised “for any problems this may cause”.

“We’re working to get things back to normal as quickly as we can,” it added.

Money blog: Deodorant brand tells customers to stop using some products

Direct debits and standing orders are working normally, and customers can still use cards online and in shops, withdraw money from cash machines and receive payments.

Initially, Nationwide said some customers were unable to access the app or internet banking and told users to try again later.

At 2.44pm 1,900 users reported issues with Nationwide services on the Downdetector website.

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the fullest version.

You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.

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Ben & Jerry’s co-founders demand independence for brand in latest ownership spat

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Ben & Jerry's co-founders demand independence for brand in latest ownership spat

The co-founders of the Ben & Jerry’s ice cream brand are demanding the brand is given its independence back amid a long-running row with its current UK owner.

Ben Cohen and Jerry Greenfield have written an open letter demanding that it be “released” from its parent firm.

Unilever bought Ben & Jerry’s in 2000 but is set to spin off all its ice cream brands under The Magnum Ice Cream Company (TMICC) name in a deal set to be fully completed before the end of the year.

The consumer goods firm has never enjoyed an easy relationship with Ben & Jerry’s – a brand known for its activism on many political and social issues.

Money latest: My parents’ row with P&O Cruises was resolved by audio recording

As part of the original merger deal, an independent board was set up to protect the ice cream brand’s mission.

But a series of disputes have followed.

More from Money

The most high-profile spat came in 2021 when the US brand took the decision not to sell ice cream in Israeli-occupied Palestinian territories on the grounds that sales would be “inconsistent” with its values.

Unilever responded by selling the business to its licensee in Israel.

Ben Cohen. File pic: AP
Image:
Ben Cohen. File pic: AP

The independent board is currently locked in a legal dispute with Unilever, claiming in March that its then-chief executive David Stever was improperly sacked.

For its part, Unilever has always argued that it “reserved primary responsibility for financial and operational decisions” as owners of Ben & Jerry’s.

In another example of the frostiness between them, an ice cream flavour launched in support of Democrat presidential candidate Kamala Harris went down badly in London.

Ben & Jerry’s claimed Unilever had demanded it stop public criticism of Donald Trump.

Ben Cohen himself was arrested earlier this year over a protest in support of Gaza during a US Senate hearing.

Mr Cohen was one of seven people arrested during the Senate protest in May
Image:
Mr Cohen was one of seven people arrested during the Senate protest in May

He and Mr Greenfield intervened in the ownership row as TMICC briefed investors on their plans at a so-called capital markets day. They say the independent board and many consumers and employees “no longer support the trajectory on which it is set”.

Mr Cohen, who is attending the event to protest, said: “Ben & Jerry’s was founded on a simple but radical premise: that our business could thrive and make outstanding products whilst standing up for progressive values.

“We fought to ensure our social justice mission was protected by Unilever when the company was acquired, but over the past several years, this has been eroded, and the company’s voice has been muted.

“We won’t be silent anymore. Authenticity has always been at the very heart of what we do, and stripping this away risks destroying the very value of Ben & Jerry’s. We urge the board and potential investors to rethink the inclusion of Ben & Jerry’s in Magnum’s future make-up and establish a Free Ben & Jerry’s.”

The new ice cream division, which will also comprise other brands such as Wall’s, is based in the Netherlands and will have a primary stock market listing in Amsterdam.

Unilever and TMICC have been contacted for comment.

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