American investment firm Carlyle has taken control of online shopping giant Very Group in a deal that sees the Barclay family leave the business after 20 years.
The Liverpool-based group, whose brands include Very and Littlewoods, today confirmed that Caryle was to become its owner, with international media group IMI continuing “as a key stakeholder”.
The group originated in the Littlewoods home shopping empire founded in Liverpool by the Moores family in the 1930s – and owns even older home shopping brands such as Kays. It became the Shop Direct Group in 2003 and rebranded as The Very Group in 2020, with annual sales of more than £2bn and more than 4m customers.
As well as its Liverpool head office, the group has a huge distribution hub called Skygate near Derby, with another distribution hub in Wrexham and bases in London, Dublin and Bolton.
Carlyle has been investing in Very since 2021. Very said the deal gives it “a strengthened capital base and enhanced financial flexibility to support investment in its long-term growth plans”.
The value of the deal was not announced today. The Barclays took control of the business in 2002 in a deal then valued at £750m, and that Carlyle has more recently invested hundreds of millions in Very.
Very said today that under the Barclays, the business has evolved “from a traditional catalogue business into one of the Ƶ’s largest and most dynamic online retailers”. It added: “The Barclay family pass on a business that is performing very strongly. In October, the company announced its full year results which delivered record earnings growth, driven by strong performance from both its retail and financial services businesses.”
Very Group CEO Robbie Feather 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.
"I’d like to thank the Barclay family for their stewardship and contribution to the company over the past two decades.”
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