The high street lender will hire bankers within days to launch a £600m sale process for some of Britain’s best-known print media assets, Sky News learns.
Among those removed is expected to be Aidan Barclay, the chairman of the newspaper group.
The bombshell move has been triggered by Lloyds' dissatisfaction with the Barclays' approach to repaying a loan which dates back to the pre-crisis era of large corporate loans issued by HBOS. "They have no liability for any holding company liabilities, continue to operate as normal and are unaffected by issues in the holding company structure above them.
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