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Carlyle Group has launched a formal auction of The Very Group, the UK multi-brand online retailer, reportedly seeking around £2 billion for the business it acquired for £1 just seven months ago.
According to reports by The Telegraph, bankers at Barclays and JPMorgan have been hired to run the sale process, with potential bidders already having been approached.
The process is expected to take several months.
Carlyle first announced that it was preparing to launch a £2 billion auction of The Very Group in January, just months after taking control of the business.
Previously known as Shop Direct, The Very Group sells clothing, beauty, homeware and electrical goods mainly under the Very and Littlewoods brands.
Potential bidders
Several companies have been named as possible suitors for the online retailer.
Elliott Advisors, the US investment firm that owns Waterstones, reportedly expressed interest earlier this month in a deal that could value the company at around £2 billion.
Chinese e-commerce group JD.com was also reportedly weighing a potential bid in May.
Carlyle had been The Very Group’s main creditor before assuming ownership through a restructuring that ended the Barclay family’s two-decade involvement in the company.
PwC was appointed as administrator in November 2025, in a process that allowed Carlyle to assume ownership of the group for a nominal £1.
Mixed trading picture
Last month, The Very Group published its latest interim results for the 39 weeks to 28 March 2026, showing that retail revenue from its flagship brand, Very, grew 0.1% year on year to £1 billion.
The retailer’s sports offering saw 7.5% growth. However, its overall fashion segment declined 4.5% in what it described as a “tough market”. Group retail sales, including Littlewoods and Very Ireland, dropped 1.6% to £1.2 billion.
Annual figures published in late 2025 were more uneven. Adjusted EBITDA rose 15.9% to £307.1 million, but the group posted a pre-tax loss of £505.4 million after writing down a £525 million inter-company loan to the Barclay family’s holding company.
Refinancing and fresh capital
In February, Carlyle pumped £150 million into Very as part of a refinancing deal.
Abu Dhabi-based media operation IMI, which led a failed move to buy The Telegraph newspaper group from the Barclays, also became a major lender as part of the deal.
Very said its UK securitisation facility was extended to February 2029, while a £150 million revolving credit facility was extended to 2030.
The firm said the refinancing deal “significantly strengthens the group’s capital structure and leaves the business well-positioned for the next stage of its growth”.
Edward Fry, Chief Financial Officer at The Very Group, said at the time: “Securing this long-term funding reflects the confidence of our lenders in the strength of our business.”