Carlyle is set to assume ownership of The Very Group from the Barclay family by October 2025, leveraging its position as the largest lender to the online retail group’s parent company, Sky News reported. 

The move follows the terms of existing financing agreements, enabling Carlyle to exercise “step-in rights” to convert debt into equity.

The US private equity firm will also engage with other creditors, including Abu Dhabi’s IMI, which has previously acquired portions of The Very Group’s debt. The final capital and ownership structure is expected to be confirmed before the transfer of control later this year.

In April, The Very Group secured £598m through senior secured notes maturing in August 2027 and extended its £150m revolving credit facility to February 2027. The company, which operates online retailers Very and Littlewoods, has been part of the Barclay family portfolio since 2002.

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