You May Never See Us Again: the untold tale of the Barclay brothers
Power, politics and mistrust in media ownership were at the forefront of the conversation as Bayes Business School (formerly Cass) hosted the launch of You May Never See Us Again, by Jane Martinson, Marjorie Dean Professor of Financial Journalism at City, University of London’s Department of Journalism.
Professor Martinson’s book details the rise of David and Frederick Barclay. The twins emerged from poverty to build one of the largest media and business empires in Britain with ownership of The Telegraph Media Group, Littlewoods and the Ritz Hotel chain among others. As recently as 2020, The Sunday Times Rich List estimated their wealth at £7 billion.
Despite their vast fortunes, a bitter falling out eventually split the family down the middle with accusations of phone bugging and a very public case in the High Court. In the summer of 2023, it was announced that The Telegraph was up for sale, sparking rumours of financial difficulties. Due to the brothers’ desire for privacy, their story has been largely untold – until now.
Professor Martinson, former Head of Media, US Business Editor and City Editor at The Guardian, where she remains a regular columnist, was joined in discussion by Kamal Ahmed, former Economics and Business Editor of the BBC and Senior Editor of The Observer and Sir William Lewis, Co-Founder of The News Movement and former Editor-in-Chief of The Daily Telegraph – both of whom are alumni of City’s School of Communication & Creativity.
Topics of conversation included Professor Martinson’s motivation for researching and writing her book, the twins’ passion for secrecy, the political power they sought and yielded – including close connections with Nigel Farage and Boris Johnson ahead of Britain’s European Union Referendum of 2016 – and a more general discussion about the influence of media moguls around the world.
An audience Q&A followed, with questions ranging from the legacy of the brothers and how they have shaped the media landscape, to maintaining freedom of the press, and the future ownership of The Telegraph and other major corporations.
Professor Martinson said:
“Through a wildly complicated financial structure, and history of taking legal action against journalists and others, the story of the Barclay brothers has remained surprisingly unknown.
“It is not only a fascinating tale of rags-to-riches success, but a real-life succession drama interspersed with huge debts and control. After years of research, I felt it said a lot about them, but also about the way business and media intersect and affect modern Britain.
“I am really proud to release this title, and so grateful to Bayes Business School and City’s Department of Journalism for not only kickstarting my journalistic career in the first place, but for recognising and teaching on two incredibly important parts of modern society – media and business.”
You May Never See Us Again; The Barclay Dynasty: A Story of Survival, Secrecy and Succession(Penguin 2023) is available to purchase and download.
Find out more about the MA Global Financial Journalism course at City, University of London.