Barclay family to lose control of Very Group to Carlyle

Fashion Network

11-08-2025

Ownership of digital fashion/lifestyle retail giant Very Group is expected to transfer to one of its major lenders — US investment giant Carlyle Group. Current owner, the Barclay family, is preparing to cede control of the business this autumn, reports suggest.
Carlyle, which is the biggest lender to Very Group's parent company, could assume ownership of the retailer as soon as October under the terms of its financing arrangements, a Sky News report claimed.
Sources said Carlyle is expected to talk with fellow creditors including IMI (the Abu Dhabi-based vehicle which assumed part of Very Group's debts) in the weeks ahead.
It means Carlyle is likely to end up with a majority stake in Very Group once it exercises a 'step-in right', which converts its debt into equity ownership, the sources said adding that None of the parties have commented but the report also said Carlyle may hold on to the business for a while before looking to offload it.
Very Group borrowed a further £600 million from London-based fund Arini earlier this year as it sought to stave off a cash crunch and buy itself breathing space, the report added.
The Barclay family prepped for an auction of Very Group earlier this year, but a process was never formally launched. Sources had put the price tag at around £2.5 billion at the time.
Prospective bidders were expected to be interested in its technology-driven financial services arm as well as the core retail offer that includes its popular Very brand, which claims 4.3 million customers, and the legacy Littlewoods business.
Employing 3,700 people, the group boasts well over £2 billion in annual sales, with about 20% of that generated by its Very Finance consumer lending arm. In the 39 weeks to 29 March, it saw a 3.8% fall in revenue to £1.67 billion.