Key Takeaways
- • Carlyle Group is poised to complete acquisition of The Very Group, ending more than 20 years of Barclay family ownership of the online retailer, with announcement expected as early as Monday, November 10, 2025.
- • The Very Group generated £2.1 billion in sales and £307 million in EBITDA in the year to June 28, 2025, demonstrating the retailer is financially healthy despite the change in ownership control.
- • Carlyle's total financing commitment to Very exceeds £500 million, including an initial loan in 2021 and approximately £85 million from a £125 million debt package in 2024, positioning the firm as controlling stakeholder through debt conversion or acquisition.
- • The Barclay family, once billionaires built on the Littlewoods catalogue business, has systematically divested core assets in recent years including the Telegraph newspapers, the Ritz hotel, and delivery company Yodel, with the Very Group loss representing another significant erosion of their former empire.
- • Abu Dhabi-based International Media Investments (IMI) is expected to remain as a lender to Very post-transaction, indicating a potential dual-capital structure under Carlyle's control.
Summary
Carlyle Group, the Washington-headquartered private equity giant, is set to complete its takeover of The Very Group, one of the United Kingdom's leading online retailers, marking the end of the Barclay family's 23-year ownership tenure. The transaction was expected to be formally announced following a board meeting held on Sunday, November 9, 2025, chaired by former Conservative Chancellor Nadhim Zahawi.
The Barclay family, comprised of identical twins David and Frederick, originally acquired Littlewoods as a catalogue retailer in 2002 for £750 million. The business subsequently merged with Shop Direct in 2004 to form the modern Very Group entity. David Barclay's death in 2021 preceded a broader strategic retreat by the family from their diversified business holdings. The family's financial position deteriorated significantly following difficulties servicing substantial debt obligations tied to their media assets, ultimately forcing the loss of control over Telegraph newspapers and other high-profile properties including London's Ritz hotel and logistics firm Yodel.
The Very Group itself remains operationally robust, reporting £2.1 billion in annual sales and £307 million in EBITDA for the fiscal year ending June 28, 2025—demonstrating the retailer's continued profitability and market relevance despite ongoing ownership transition. Carlyle's pathway to control developed methodically: the firm initially extended credit to Very in 2021, followed by approximately £85 million in financing as part of a £125 million debt package in 2024. Carlyle's cumulative exposure to the business is believed to exceed £500 million, providing the leverage necessary for the equity takeover. International Media Investments, an Abu Dhabi-based fund that also extended credit to Very, is expected to maintain its lender position in the restructured capital stack post-acquisition.
The Barclay family, comprised of identical twins David and Frederick, originally acquired Littlewoods as a catalogue retailer in 2002 for £750 million. The business subsequently merged with Shop Direct in 2004 to form the modern Very Group entity. David Barclay's death in 2021 preceded a broader strategic retreat by the family from their diversified business holdings. The family's financial position deteriorated significantly following difficulties servicing substantial debt obligations tied to their media assets, ultimately forcing the loss of control over Telegraph newspapers and other high-profile properties including London's Ritz hotel and logistics firm Yodel.
The Very Group itself remains operationally robust, reporting £2.1 billion in annual sales and £307 million in EBITDA for the fiscal year ending June 28, 2025—demonstrating the retailer's continued profitability and market relevance despite ongoing ownership transition. Carlyle's pathway to control developed methodically: the firm initially extended credit to Very in 2021, followed by approximately £85 million in financing as part of a £125 million debt package in 2024. Carlyle's cumulative exposure to the business is believed to exceed £500 million, providing the leverage necessary for the equity takeover. International Media Investments, an Abu Dhabi-based fund that also extended credit to Very, is expected to maintain its lender position in the restructured capital stack post-acquisition.
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