HSBC submits bankruptcy claims against top members of the Barclay family

HSBC Files Bankruptcy Against Berkeley Family Over Debts

HSBC has initiated bankruptcy proceedings against Aidan and Howard Berkeley, two senior figures in the well-known Berkeley family, in a bid to recover significant debts linked to their struggling business. The filing took place in London’s High Court, focusing on debts associated with Logistics Group, the bankrupt parent of the family’s Yodel and Arrow XL brands.

Logistics Group entered bankruptcy in March 2024 after failing to repay a secured loan of £143.5 million. According to documents from Companies House, HSBC has only managed to collect about £1.1 million of the owed amount thus far.

The downfall of Logistics Group, where both Aidan and Howard Berkeley served as directors, has intensified the challenges surrounding the family business, leading to significant repossessions by lenders in recent times. This situation was first reported by The Times.

Aidan and Howard are the eldest sons of the late Sir David Berkeley, who, along with his twin brother Sir Frederick, grew the family’s expansive business empire—largely through debt-driven acquisitions, including the Telegraph Media Group.

In 2023, Lloyds Banking Group placed the Telegraph into administration due to unpaid debts totaling around £1.1 billion. Consequently, the British bank moved to sell the right-wing broadsheet, which has been in Berkeley family ownership since 2004. Lord Rothermere’s DMGT has secured funding to purchase the paper for £500 million in late 2025.

This takeover agreement comes shortly after Redbird Capital, a US private equity firm led by former Goldman Sachs banker Jerry Cardinale, unexpectedly abandoned its own plan to acquire the 170-year-old newspaper.

Recently, Abu Dhabi’s state media investment company IMI enlisted an insolvency specialist to sell the properties of Trenport Property Holdings, which is part of the Barclays’ business. IMI had also supported an earlier attempt by Redbird to buy the Telegraph through its affiliated fund, Redbird IMI, but that effort was thwarted by UK government intervention.

In the previous year, the Berkeley family lost control of retailer The Berry Group when US investment firm Carlyle seized its assets. This management shift occurred following a new debt financing package established by Carlyle and IMI for Berry Group in 2024.

Teneo, the administrator for Logistics, sold its stake in Arrow XL to the French logistics company Jackie Pereno Group for an initial £2.2 million in June. Yodel was released from administration in February 2024.

Teneo noted in its recent filings that “a dividend of approximately £1.12 million was distributed to secured creditors on 5 August 2025.” However, they cautioned that the future recovery of these creditors remains uncertain and heavily relies on the performance of the sales proceeds from the subsidiary business.