"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."
"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 Group is set to take control of online retailer The Very Group, ending more than 20 years of Barclay family ownership. The Very Group last month reported increased profitability. The Very board, chaired by former Conservative chancellor Nadhim Zahawi, met to confirm the change of ownership. The Barclay family bought Littlewoods in 2002 and merged it with Shop Direct in 2004; David Barclay died in 2021. Carlyle became a lender in 2021 and extended further financing in 2024; total Carlyle financing is thought to exceed £500m. Abu Dhabi-based IMI is expected to remain a lender.
Read at www.theguardian.com
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