Online retailer The Very Group taken over by US private equity firm Carlyle
Online retailer The Very Group has been taken over by US private equity firm Carlyle, bringing an end to more than 20 years under the ownership of the Barclay family.
The Littlewoods and Very owner confirmed that Washington-based Carlyle – a major lender to the firm – had become its controlling shareholder, with fellow lender Abu Dhabi-based investment fund, International Media Investments (IMI), continuing as a “key stakeholder”.
It ends a lengthy period under the ownership of the Barclay family, which has been forced to give up control of a raft of businesses in recent years, including The Daily Telegraph newspaper, The Ritz hotel in London and delivery company Yodel. Carlyle and IMI first became lenders to The Very Group in 2021.
Robbie Feather, group chief executive of The Very Group, 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.” The Barclay family had bought the then Littlewoods catalogue business in 2002, before merging the business with Shop Direct in 2004, creating what in later years was rebranded as The Very Group.