The Very Group secures new investment
The Very Group fashion and homewares retailer has secured a £125 million funding package to support its growth strategy.
Some £85 million has been provided by global investment firm Carlyle while the rest has come from international investment house IMI,
Subscribe to TRBThe move means that the group will also benefit from Carlyle and IMI’s deep network of relationships, industry expertise and capabilities.
The news came as The Very Group reported that its revenue edged up 0.6% to £1.226 billion in the six months to 30 December 2023, although it reported a pre-tax loss of £2 million compared to a profit of £2.1 million a year earlier due to higher interest costs.
Meanwhile, pre-exceptional EBITDA increased by 10.1% year-on-year to £130.7 million.
The group has also announced that Dirk Van den Berghe has completed his term as non-executive chair and has now stepped down to focus on other non-executive roles, as well as new opportunities. Until his successor is appointed, for which a search is now underway, Aidan Barclay, a representative of the Barclay family in The Very Group, will assume the role of non-executive chair.
Barclay said: “Carlyle and IMI provide the support of two long-term, experienced institutional sponsors that understand our business extremely well. Their commitment underlines the confidence they have in the group, and their contribution to the board will be invaluable as we look to the future.
“I would like to thank Dirk Van den Berghe for his stewardship during his time as chair and wish him all the best in his future endeavours.”
