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The sale of the Telegraph newspapers and The Spectator has formally kicked off, thwarting a last ditch attempt by the Barclay family to shut down the auction with a blockbuster 1bn offer.

This morning the boards of the parent companies of Telegraph Media Group (TMG), the parent company of the Daily Telegraph and Sunday Telegraph, and The Spectator said that advisers Goldman Sachs has launched a sales process for each of the businesses.

Earlier this week, the Barclay family tabled an offer valuing the Telegraph newspaper group at 1bn in an attempt to stop the sale process heading to an auction and deter rival bidders from challenging them.