The Very Group, which operates digital retailers Very and Littlewoods, has announced the completion of a transaction under which global investment firm Carlyle becomes the company’s owner, while international media group IMI continues as a key stakeholder.
The Very Group says the transaction provides it with "a strengthened capital base and enhanced financial flexibility to support investment in its long-term growth plans: "The transaction underscores Carlyle and IMI’s confidence in The Very Group, its management team, leading brand position, strategy and long-term growth potential, having supported the business since 2021.
"Carlyle, in collaboration with IMI, will support the company’s management team to continue to deliver against its strategic priorities, including driving innovation and leveraging technology and data to improve its customer offering."
The transaction also marks the conclusion of the Barclay family’s involvement in the business, having supported the business over the last 20 years.
In October, the company announced its full-year results, reporting record earnings growth, driven by strong performance from both its retail and financial services businesses.
Robbie Feather, group CEO, The Very Group, says: “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.”
