Private equity firm Carlyle is reportedly preparing to sell Very Group for £2bn, less than a year after acquiring the retailer from the Barclay family. Barclays and JP Morgan are lined up to manage the transaction, which is expected to begin imminently, according to Sky News.
© The Very Group
The sale follows previous plans by the Barclay family to divest the business. A Companies House filing by administrators to VGL Holdco, now separate from Very's operations, confirmed the "immediate" launch of a merger and acquisition process. The filing stated: "An M&A process run by the purchaser will commence immediately with the appointment of an M&A Advisor, who will then begin preparatory work prior to the formal launch of the M&A process."
PwC was appointed to oversee VGL Holdco's insolvency in November, enabling Carlyle to assume control for a nominal sum of £1. The process is expected to follow timelines typical for a business of Very Group's scale.
Retail Gazette has contacted Very Group for comment on the proposed sale.
Source: www.retailgazette.co.uk
