HSBC has initiated bankruptcy petitions against Aidan Barclay and Howard Barclay, marking a further escalation in the unravelling of the Barclay family’s business empire following the collapse of their logistics group.
Court filings show the bank lodged the petitions in the High Court in December, after recovering only about £1.1 million of a £143.5 million secured loan from the administration of Logistics Group.
The business, which owned parcel delivery firms Yodel and ArrowXL, fell into administration in March 2024 after HSBC called in its debt and the group was unable to refinance or repay the borrowing.
Administrators later confirmed that HSBC’s recovery equated to just 0.78p in the pound, with any further returns dependent on an earn-out linked to the sale of remaining subsidiaries. “Future recoveries for the secured creditor are uncertain,” administrators from Teneo said in a filing at Companies House.
ArrowXL was sold in June for an initial £2.2 million to Jacky Perrenot Group, a fraction of the £57.5 million valuation previously ascribed to the business by its directors. Yodel was sold earlier in 2024, shortly before the group entered formal insolvency proceedings.
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