In a move which saw the company's share price drop nearly 7.5 per cent, the Barclay brothers have sold their 10 per cent stake in InterContinental Hotels (IHG) for around £335m.

Ellerman Corporation, an investment vehicle owned by Sir David and Sir Frederick Barclay, sold 29.9m shares to more than 60 institutions for £11.20 a share. The Barclays, who own the Ritz hotel in London and the Telegraph newspaper group, had been IHG's biggest shareholders, with most of the shares having been acquired in 2007.

It has been speculated that the brothers may be interested in using the money raised from the deal to put towards the purchase of the Grosvenor House hotel on London's Park Lane, which is currently being sold by the Royal Bank of Scotland.