US private equity set to acquire UK online retailer Very Group

Published: 10 November 2025. The English Chronicle Desk. The English Chronicle Online.

A major shift in British retail ownership is underway as Washington-based private equity giant Carlyle Group prepares to take control of the online retailer The Very Group, ending more than two decades of Barclay family ownership. The announcement is expected as early as Monday, marking another significant exit from the Barclay family’s business empire.

The Barclays, led by identical twins David and Frederick, first acquired what was then Littlewoods in 2002 for £750 million. The business merged with Shop Direct in 2004, forming the modern-day Very Group. Since then, the family has gradually relinquished control of multiple high-profile holdings, including the Telegraph newspapers, London’s Ritz Hotel, and delivery company Yodel, reflecting a broader trend of divestment from their former empire. David Barclay passed away in 2021, intensifying the transition of family interests.

Very Group’s board, chaired by former Conservative chancellor Nadhim Zahawi, reportedly convened on Sunday to formalise the change of ownership, according to Sky News. While the move represents the Barclay family’s exit from a long-standing retail investment, the company itself is not facing financial hardship. In fact, the retailer reported a strong performance last month, with £307 million in earnings before interest, taxes, depreciation, and amortisation for the year ending 28 June and £2.1 billion in sales.

Carlyle Group, which has been involved with Very since 2021, initially provided the retailer with an undisclosed loan. In 2024, Carlyle contributed approximately £85 million as part of a £125 million debt package, with total financing believed to exceed £500 million. Abu Dhabi-based International Media Investments (IMI), which also extended credit to Very, is expected to remain a lender following the takeover.

The Barclay family’s divestments in recent years highlight a broader pattern of shifting fortunes and strategic repositioning. Despite creating substantial wealth from their business holdings, the family has faced mounting financial pressures, including challenges in servicing large loans, prompting the sale of several prominent assets.

For Carlyle, the acquisition of Very Group represents an opportunity to consolidate its presence in the UK retail market, tapping into the online retailer’s established customer base and strong profitability. Analysts suggest that Carlyle’s involvement could accelerate growth initiatives and investment in digital infrastructure, positioning Very Group for continued success in a competitive retail landscape.

As the deal moves forward, industry observers will be closely monitoring the impact on the UK e-commerce sector and the potential strategic direction under Carlyle’s stewardship. While the Barclays exit marks the end of a significant chapter in British retail, it also signals the growing influence of global private equity in shaping the future of major consumer brands.