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Barclay Family's Very Group Taken over by Carlyle
Carlyle, which began lending to The Very Group in 2021, gains control as the Barclay family exits amid financial struggles; profits rose 16% to £307 million last year.
- Earlier this year, online retailer The Very Group was taken over by US private equity firm Carlyle, ending more than 20 years of Barclay family ownership and leaving International Media Investments as a key stakeholder.
- The Barclay family saw weakening fortunes in recent years, struggling to repay hefty loans and forced to give up businesses including The Daily Telegraph, The Ritz hotel in London, and Yodel delivery company.
- Despite the ownership change, The Very Group last month reported a 16% rise in underlying earnings to £307 million for the year to June 28 as sales reached £2.1 billion.
- The lender relationship has positioned the firm to execute its strategy with stronger backing, as company leadership said Carlyle and IMI’s continued support boosts technology and customer experience investment.
- Over two decades the business transformed from a catalogue operation into a major online retailer after the family bought the Littlewoods catalogue business in 2002 and merged it with Shop Direct in 2004, later rebranding as The Very Group.
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Private Equity Firm Takes Control Of The Very Group
Private equity firm Carlyle has taken ownership of The Very Group, the operator of the Very and Littlewoods online shopping brands, bringing to an end more than 20 years under the control of the Barclay family. The transaction has seen (more…) The post Private Equity Firm Takes Control Of The Very Group appeared first on KamCity.
Coverage Details
Total News Sources13
Leaning Left3Leaning Right0Center2Last UpdatedBias Distribution60% Left
Bias Distribution
- 60% of the sources lean Left
60% Left
L 60%
C 40%
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