Very Group owner explores £2 billion sale

The owner of The Very Group is preparing to launch a £2 billion auction of the business just months after taking control.

Carlyle is lining up Barclays and JP Morgan to advise on the sale, according to Sky News, with a formal auction process expected to begin shortly.

Plans for a sale were disclosed in a filing at Companies House by administrators to VGL Holdco, a corporate entity that previously, but no longer, has any operational connection to The Very Group.

PricewaterhouseCoopers (PwC) was appointed as administrator to VGL Holdco in November, a move that enabled Carlyle - a long-standing creditor - to assume ownership of the retailer for a nominal £1.

In documents filed at Companies House this week, PwC said an M&A process would be "run on a basis and timescale consistent with what would be expected for a business the size of the operating group".

One insider told the publication that Carlyle’s ownership was always intended to be transitional, with an onward sale timed to maximise value for all stakeholders.

The US private equity firm took control of the business last autumn, ending more than two decades of ownership by the Barclay family. The company was last sold in 2002, when it traded as Littlewoods, in a £750 million transaction.

The group had injected several hundred million pounds into The Very Group’s capital structure, initially providing support during the Covid pandemic in 2021.  That backing, including a further £85 million investment in 2024, ultimately paved the way for Carlyle to take ownership under the terms of its financing arrangements.

Retail industry sources believe The Very Group could be valued at between £2 billion and £2.5 billion, following what the company described as a "strong" financial year.

For the 12 months to 28 June 2025, The Very Group reported record earnings, with adjusted EBITDA rising 15.9% to £307.1 million - the highest in its history.