The Very Group board, headed by former chancellor Nadhim Zahawi, is reportedly gathering Morgan Stanley, JP Morgan, and Barclays to conduct a strategic review that could lead to the end of the Barclay family’s long-standing involvement with the company. This information was obtained by News.
The investment banks will begin a complete or partial auction of Very Group, which has about 4.5 million consumers; their appointments are expected to be announced in the coming days.
The company is refinancing, with lenders including IMI, located in Abu Dhabi, and global investment behemoth Carlyle.
They did, however, add that a sale was more plausible and that bidders would likely be courted based on Very’s technology-driven financial services division and its core retail offering, which includes everything from fashion to electrical products.
Having agreed earlier this year to extend the maturity date for a tranche of the online retail group’s debt, some of those people anticipate Carlyle to finally emerge as the business’s dominant player.
