Barclay family’s Abu Dhabi backers plan Very sale
RedBird IMI, the joint venture that is part-funded by the sheikh and American private equity firm RedBird Capital, is now preparing to sell the Barclay family’s assets
The Barclay family’s Gulf-based backer Redbird IMI is reportedly planning a sale of Very Group as it seeks to unwind a £1.2bn refinancing of the family’s debts, according to the Times.
RedBird IMI, the joint venture that is part-funded by Sheikh Mansour bin Zayed bin Sultan al-Nahyan and American private equity firm RedBird Capital, are believed to be auctioning off the Very Group as part of the “second stage” of a plan to allow the vice-president of the United Arab Emirates, to recover lending secured against the Barclays’ assets.
The outlet reported that the Barclay’s media group, The Telegraph, is also set for a separate sale.
A source close to the negotiations told the Times that separate sales were planned because media operators were unlikely to express an interest in Very and “different bidders will offer best value for the individual parts”.
They said bidders “could buy the Telegraph and not the Very Group”.
It is thought that any onward sale would require co-operation between multiple stakeholders and that all parties were working towards making a “good return” on the investment from Abu Dhabi.
Earlier this month, The Very Group appointed Robbie Feather to the position of group CEO succeeding Lionel Desclée, who has chosen to step down and pursue new opportunities.
Feather, who joined The Very Group in 2021, previously led the company’s retail team, which includes all category sourcing, buying, and merchandising, as well as group trading and marketing.
He has recently overseen the development of the company’s successful new brand platform and its market-beating retail performance, which saw Very UK H1 FY24 revenue grow 2.7% year on year to over £1bn, increasing total online market share by 0.2% pts.
Formerly CEO of Fenwick, the luxury department store business, Feather helped to turn around the company and modernise its customer proposition, including launching its online business. He previously held a number of roles at Sainsbury’s Argos, including commercial director on the Argos board, during which time he oversaw the digital transformation of the business and led the commercial team.