The Barclay family is set to lose control of another part of their former business empire with a US private equity firm taking control of online retailer the Very Group.
Washington-headquartered Carlyle Group is expected to announce it has taken over the retailer as soon as Monday morning.
The change of control will bring to an end more than 20 years under the ownership of the Barclay family, which has been forced to give up a series of businesses – including the Telegraph newspaper, London’s Ritz hotel, and delivery company Yodel – that made them into billionaires, and one of the richest families in Britain.
The Very Group’s board, chaired by former Conservative chancellor Nadhim Zahawi, met on Sunday to confirm the change of ownership, according to Sky News, which first reported the move.
The Barclay family, led by identical twins David and Frederick, had owned Very since buying it in 2002 – when it was a catalogue retailer known as Littlewoods – for £750m. That business merged with Shop Direct in 2004. David Barclay died in 2021.
However, the Barclay family’s fortunes appear to have worsened in recent years. They lost control of the Telegraph newspapers after the family struggled to repay large loans.
Carlyle first became a lender to the Very Group in 2021 with a loan of undisclosed size. The investor followed that up in 2024 with about £85m out of a £125m debt package. Carlyle’s total financing to the business is thought to be more than £500m.
Abu Dhabi-based investment fund International Media Investments (IMI), which also lent to Very, is expected to remain a lender.
Very itself is not thought to be struggling financially. The retailer last month reported increased profitability, with £307m in earnings before interest, taxes, depreciation and amortisation in the year to 28 June. It made sales of £2.1bn in the year.
after newsletter promotion
The Very Group and Carlyle both declined to comment.