Daily Telegraph co-owner David Barclay dead at 86

David Barclay (left) and his twin brother Frederick after receiving their knighthoods in 2002 (Michael Stephens/PA)

The Daily Telegraph’s joint-owner David Barclay has died after a short illness aged 86, the newspaper has reported.

Along with his identical twin Frederick, Mr Barclay built a vast business empire which began with hotels and expanded to include shipping, retailing, and, since 2004, ownership of the Telegraph Media Group.

The paper said the Barclay brothers had “operated as one” throughout their business career, while steadfastly avoiding personal publicity and media scrutiny.

They had turned to media ownership in 1992 by buying the weekly newspaper The European, which closed in 1998, while they had also owned The Scotsman from 1995-2005.

Sir David Barclay (left) and Sir Frederick purchased The Daily Telegraph in 2004 (Michael Stephens/PA)

After first expressing interest in The Daily Telegraph to its Canadian owner Conrad Black in May, 2003, and while a private deal was overruled by a US court in November of that year, the Barclays eventually acquired the paper at auction seven months later for £665m (€745m).

The paper quoted a colleague of the brothers as saying Mr Barclay was distinct from Frederick in that he was “more attuned to taking a risk, and Frederick was generally willing to have a look but would never bet the farm”.

The twins were born into a large family in Hammersmith on October 27, 1934, with David the older by 10 minutes.

Their father, also Frederick was a travelling salesman from Kilmarnock who died when the boys were 13.

David and two of his brothers were evacuated several times during the Second World War, the Telegraph said, and ultimately the twins left school aged 14.

Mr Barclay was always a voracious reader, obsessed with newspapers, business, economics and politics, and who had always said he had been educated at the “University of Life”, the paper said.

It was reported Mr Barclay died on Sunday.