The Daily and Sunday Telegraph are to be put up for sale, as the billionaire Barclay brothers consider whether to dispose of their media outlets.

The pair have owned the newspaper group since 2004, but are now conducting a review of their many businesses, which also include the Ritz hotel in London.

A source familiar with the brothers’ thinking confirmed that the sale of the Telegraph was being discussed but that no deal was imminent.

Profits at the Brexit-backing Telegraph Media Group slumped to £900,000 last year, in the middle of a turnaround plan led by the chief executive Nick Hugh, who hoped to turn the company into a business based on digital subscriptions.

There have been rumours that the Barclay brothers have been looking for a potential buyer for many years, although despite endless speculation there has been no sign of a deal. However, a report in the Times suggested they were looking to sell within the next 12 to 18 months, although no advisers have been appointed.

David Barclay loses libel case against obscure French playwright Read more

In common with all print newspapers, the Telegraph’s circulation has plummeted in recent years. Various names have been attached as potential purchasers – including at one point Jeff Bezos, the boss of Amazon – but it may be difficult to find a buyer for a newspaper in the current media environment.

City analysts recently suggested the Daily Mail owner DMGT as a potential purchaser, amid the ongoing consolidation in the print newspaper industry, where the owner of the Mirror bought the Express and Daily Star in February 2018. However, any such deal could be hampered by competition concerns.

Sir David and Sir Frederick Barclay, both 84, also own the Spectator and businesses including Littlewoods and the delivery company Yodel. They also own the Channel island of Brecqhou, where they built a country house styled as a castle and have been in a long-running battle with the neighbouring island of Sark. They recently lost a legal case over a French play, which they claim mocked them.

The reports of the potential sale of the Telegraph come amid speculation over a family split, with different sides of the family debating whether to liquidate the company assets.

Representatives for the Barclay brothers and the Telegraph were approached for comment, but declined to respond.