The Very Group appoints new non-executive directors
The Very Group has appointed Nick Beighton and Paul O’Donnell to its board as non-executive directors.
Representing global investment firm Carlyle, Beighton is the former chief executive of ASOS and is currently non-executive chair of online designer marketplace Secret Sales. He is also currently a non-executive director at online fashion retailer Lookiero and the Raging Bull clothing brand.
Subscribe to TRBMeanwhile, O’Donnell currently sits on the board at Nordic Aviation Capital and EnerMech, and has served as an alternate director at McLaren Group. He was previously a managing director at Blackstone and also worked at Close Brothers Corporate Finance and PwC. At The Very Group, he will be a representative of international investment company IMI.
The appointments follow the announcement in February that The Very Group had secured a £125 million funding package with £85 million being provided by Carlyle and the remainder by IMI. The group also announced that each firm would take a seat on its board.
Nadhim Zahawi, non-executive chair of The Very Group, said: “I am delighted to welcome Nick and Paul to The Very Group’s board. Both bring a wide network of relationships, as well as leading expertise and unrivalled experience in helping ambitious businesses develop and grow. Their contributions will be invaluable and I look forward to working with them.”
The Very Group has also announced that non-executive director Mark McMenemy has retired from its board.
Zahawi added: “On behalf of everyone at The Very Group, I want to thank Mark for his outstanding contribution. As former group finance director and as a non-executive director, he has played a vital role in shaping the company’s financial performance, governance and focus on ESG. His impact on the business and its people cannot be overstated, and we wish him a very happy retirement.”
With annual revenue of £2.1 billion, The Very Group is the owner of online retailers Very and Littlewoods.
