Latest news with #VeryGroup
Fashion Network
11-08-2025
- Business
- Fashion Network
Barclay family to lose control of Very Group to Carlyle
Home › News › Business Published August 11, 2025 Download Print Published August 11, 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. Very UK 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 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 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. Copyright © 2025 All rights reserved.
Fashion Network
11-08-2025
- Business
- Fashion Network
Barclay family to lose control of Very Group to Carlyle
Home › News › Business Published August 11, 2025 Download Print Published August 11, 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. Very UK 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 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 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. Copyright © 2025 All rights reserved.
Fashion Network
11-08-2025
- Business
- Fashion Network
Barclay family to lose control of Very Group to Carlyle
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.
Fashion United
11-08-2025
- Business
- Fashion United
US investor Carlyle reportedly set to take control over Very Group
US investment firm Carlyle is said to be on the cusp of taking over Very Group, potentially bringing to an end the Barclay family's long reign over the British e-tail group. According to sources for Sky News, Carlyle, which currently serves as Very's biggest lender to its parent company, could assume ownership of the retailer as early as October. The media outlet said the firm was likely to end up with a majority stake in the Very Group after potentially exercising a 'step-in right', through which it would convert its debt into equity ownership. Carlyle is expected to hold further talks with creditors in the coming weeks, including Abu Dhabi-based IMI, which jointly took over Very Group's debts in a 1.2 billion pound refinancing deal back in 2023. Upon Carlyle's takeover, Sky News' sources said IMI could secure an equity stake or a preferred position in the recapitalised company's debt structure. Carlyle declined to comment. FashionUnited has contacted IMI and Very Group with requests to comment. Back in 2024, Very had been embroiled in sale speculation after it was said to have been 'forced' into exploring the option as part of a strategic review. Financial pressures continued to mount for the retailer into the new year, when credit rating agency Fitch Ratings downgraded the group's credit rating to CCC+ and placed it on a negative watch, according to various media outlets. In April 2025, Very reported that it had secured a 598 million pound refinancing by issuing senior secured notes due in August 2027. The company has further extended its 150 million pound revolving credit facility.
Fibre2Fashion
27-05-2025
- Business
- Fibre2Fashion
UK's Very Group posts profit growth despite 9M FY25 revenue dip
British online retailer Very Group has reported a 3.8 per cent year-over-year (YoY) decline in total revenue to £1,603.7 million (~$2.16 billion) for the nine-month (9M) period ended March 29, 2025, reflecting a challenging market and tough comparatives. The gross profit of the company stood at £563.1 million (~$760.19 million), with a statutory gross margin improvement of 0.3 percentage points to 35.1 per cent. A 0.1 percentage point reduction in the bad debt ratio also supported margins. Very Group has reported a 3.8 per cent YoY decline in revenue to £1,603.7 million (~$2.16 billion) for the nine months ended March 29, 2025, due to market challenges. Despite this, gross profit stood at £563.1 million (~$760.19 million) with improved margins. Cost reductions and logistics optimisation drove an 8.9 per cent rise in pre-exceptional EBITDA to £214.9 million. Very UK, the group's flagship brand, contributed 88 per cent of total sales with revenue falling 2.5 per cent to £1,405 million, while Littlewoods UK and Very Ireland generated £148.1 million and £50.6 million, respectively—both registering YoY declines in line with expectations. By geographical location, £1,553.1 million of the group's revenue came from UK and £50.6 million from the Republic of Ireland. The group retail sales dropped 3.9 per cent YoY to £1,261.5 million, with Very UK retail sales down 2.4 per cent to £1,082.6 million. Despite the overall decline, the company achieved strong performance in key strategic categories. The operating profit for 9M period was £148.5 million—£144.7 million from the UK and £3.8 million from Ireland—slightly up from £147.2 million in the prior year. On the cost side, the group's operating cost base, excluding depreciation, amortisation, and exceptionals, decreased to 21.8 per cent of revenue from 23.1 per cent a year earlier. The distribution expenses fell by £28.9 million to £127.4 million, or 7.9 per cent of revenue, driven by ongoing logistics and fulfilment optimisation, and administrative costs were also reduced by £6.4 million to £222.6 million, reflecting continued cost-saving initiatives across the business. These efficiencies contributed to an 8.9 per cent increase in pre-exceptional EBITDA to £214.9 million, with the EBITDA margin reaching a record 13.4 per cent. Adjusted EBITDA rose 11.4 per cent to £215.4 million, with the margin improving from 11.6 per cent to 13.4 per cent. Fibre2Fashion News Desk (SG)
