The American investment giant Carlyle is preparing to take control of Group, one of the biggest British online retailers, in an agreement that will end the long term of the Barclay family in another large British company.
Sky News learned that Carlyle, who is the largest lender of the group’s immediate parent company, could assume ownership of the retailer in October under its financing agreements.
Friday, sources said that Carlyle was to organize new talks in the coming weeks with other creditors, notably IMI, the Abu Dhabi vehicle which assumed part of the group’s debts in a complex agreement linked to the ownership of Telegraph news titles.
Carlyle will probably eventually have a majority participation in the very group, which has approximately 4.5 million customers, once it has a “ right ” which effectively converts its debt into equity acquisition, the sources said.
Very Group – who is chaired by former Conservative Chancellor Nadhim Zahawi – borrowed an additional 600 million pounds in Arini, a fund based in Mayfair, earlier this year, while he was trying to prevent cash crampon and buy a respiratory space.
Precise details of the corporate capital and property structure will be discussed before the change in control rights was launched in early October.
The Barclay family has developed plans to hire bankers to manage an auction of groups very early this year, but a process has never been officially launched.
Carlyle, who refused to comment, could keep the business for a new period before trying to unload it.
IMI is also likely to end up with a favorite participation or position in the debt structure of the recapitalized company, have added sources.
Potential bidders for a group even should be courted on the basis of its technology -oriented financial services as well as the basic retail offer that sells everything, fashionable electric products.
The initiates of the retail industry have long hypothesized that the company was likely to be evaluated in the region of 2.5 billion pounds Sterling – below the evaluation that the Barclay family held during an auction which took place several years ago.
Very Group – previously known as the direct shop – is one of the largest online shopping companies in the United Kingdom, with very and Littlewoods brands and employing 3,700 people.
It has much more than 2 billion pounds sterling in annual sales, with approximately a fifth of that generated by its very financial consumer loan arm.
Mr. Zahawi was appointed president of the company last year, a few days after announcing that he was broken down as a deputy for Stratford-On-Avon in the general elections of July.
He replaced Aidan Barclay, a main member of the family who has owned the company for decades.
During the 39 weeks to March 29, the very group declared a 3.8% drop in revenues to 1.67 billion pounds sterling, which, according to him, included “a drop in Littlewoods revenues by 15.1%, reflecting the decline managed during this company”.
Nevertheless, he said that sales in his home and sports categories were working strongly.
The IMI position should be essential to the talks of the company’s future, given the status of Abu Dhabi as an important global contributor to buyout, credit and infrastructure funds such as those raised and managed by Carlyle.
The water vehicle is expected to emerge from the prolonged saga on the ownership of the telegraph with a participation of 15% in the newspapers.
As part of the initial agreement concluded in 2023, Redbird and IMI paid a total of 1.2 billion pounds sterling to refinance debts of the Barclay family at Lloyds Banking Group, with half -linked to media assets and to the other half – only funded by IMI – guaranteed against other family assets, including part of the group’s debt.
The Barclays, who owned the Ritz Hotel in London, have already lost control of other business assets, including the Yodel package delivery service.
A very group spokesperson refused to comment, while IMI also refused to comment.