Carlyle takes control of UK retailer Very

(Sharecast News) - Online department store The Very Group has been taken over by US buyout giant Carlyle Group, it was announced on Monday, bringing the Barclay family's ownership to an end after more than two decades.

Under the terms of the deal, Washington-based Carlyle - already a major lender to the retailer - will become its controlling shareholder. Abu-Dhabi-based IMI, a fellow lender, will continue as a "key" stakeholder, Very said.

Financial details were not disclosed, however.

Robbie Feather, chief executive, called the deal an "important milestone".

He continued: "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 our business."

At its most recent full-year results, the retailer - which owns the Very and Littlewoods brands - posted adjusted earnings of £307.1m on revenues of £2.1bn.

The Barclay family, led by twins David and Frederick, has owned Very since 2002, when it acquired catalogue retailer Littlewoods. It merged the business with Shop Direct two years later.

David Barclay died in 2021.

Nasdaq-listed Carlyle became a lender to Very in 2021. Its total financing to the business is thought to be around £500m.