The Barclay family has sold online retailer The Very Group to US private equity after more than 20 years of ownership.
The company, which owns the Littlewoods and Very brands, where Michelle Keegan has a collection, has been snapped up by Washington-based Carlyle.
Abu Dhabi-based investment fund International Media Investments (IMI) – which along with Carlyle has been a major lender to the group since 2021 – continuing as a ‘key stakeholder’.
The deal ends a lengthy period under the ownership of the Barclay family, which has been forced to give up control of a raft of businesses in recent years, including The Daily Telegraph newspaper, The Ritz hotel in London and delivery company Yodel.
Robbie Feather, group chief executive of The Very Group, said: ‘This marks an important milestone for The Very Group as we move into an exciting new phase of growth. We are delighted to continue to partner with Carlyle and IMI.
‘Their continued backing provides us with a stronger foundation to execute on our strategy, increase investment in technology and the customer experience and to build on the momentum across the business.’
Actress Michelle Keegan has a collection with online clothing brand Very
The Barclay family, headed by identical twins Sir Frederick and the late Sir David, had bought the then Littlewoods catalogue business in 2002, before merging the business with Shop Direct in 2004, creating what in later years was rebranded as The Very Group.
Sir David died aged 86 in January 2021.
The brothers were among the UK’s most high-profile businessmen, whose assets made them billionaires at one stage and the family one of the richest in Britain.
But the family’s fortunes have apparently worsened in recent years and they lost control of the Telegraph newspapers after the family struggled to repay hefty loans.
Despite the change in control, Very Group – which sells electrical products, homeware and clothing – has delivered rising profits and just last month reported a 16% rise in underlying earnings to £307 million for the year to June 28 as sales reached £2.1 billion.
Feather paid tribute to the Barclay family, recognising ‘their stewardship and contribution to the company over the past two decades’.
The company said: ‘Over this period and thanks to their leadership, The Very Group has grown significantly – evolving from a traditional catalogue business into one of the UK’s largest and most dynamic online retailers.
‘The Barclay family pass on a business that is performing very strongly.’
Former chancellor Nadhim Zahawi is chairman of Very Group, having been appointed to the role in May last year.
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