In a strategic move to unwind the Barclay family's £1.2 billion refinancing of debts, the Gulf-based backers behind the Barclay Family, along with Abu Dhabi investment firm, are reportedly considering the sale of Very Group, a prominent online department store in the UK and Ireland.
The Times has reported that plans are underway for an auction of Very Group, marking the "second stage" of a larger plan aimed at enabling United Arab Emirates vice president Sheikh Mansour to recover lending secured against the Barclays' assets.
Redbird IMI, a joint venture between Sheikh Mansour and American private equity firm RedBird Capital, is spearheading the initiative, preparing for the sale of various assets owned by the Barclay family, including Very Group and The Telegraph Group.
While Very Group has long been a prized possession within the Barclay family's business portfolio, its future has faced uncertainty amid ongoing speculation regarding the group's financial health. Last year, German insurer Allianz withdrew the retailer's credit insurer for suppliers, adding to the challenges faced by the company.
Source: www.retailgazette.co.uk