Barclay family on verge of losing control of Very Group

The Barclay family’s ownership of Very Group is under review as their corporate empire continues to unwind following a £1.2 billion debt deal with a joint venturebacked by funds fromthe United Arab Emirates.
Barclays, JP Morgan and Morgan Stanley have been lined up to assess options for Very Group’s future, including a possible sale of the online retailer for about £2.5 billion.
The Barclay family look likely to lose control of the last pillar of their corporate empire if the banks find a new owner. The family has been selling off almost all its significant assets in recent years, including The Ritz Hotel, The Spectator magazine and The Telegraph newspapers.
RedBird IMI, a joint venture backed by a member of the Emirati royal family, in effect seized control of the Barclay family’s media and corporate assets earlier this year when it refinanced their outstanding debts owed to Lloyds Bank.
The venture had hoped to take fullownership of the Telegraph and Spectator by converting the debt secured against the titles into equity, but the deal was blocked by new laws banning foreign powers from owning UK media outlets. Politicians raised concerns about the deal as it was part-financed by Sheikh Mansour, vice-president and deputy prime minister of the UAE. RedBird IMI is now in advanced talks to sell The Telegraph newspapers to Dovid Efune, owner of The New York Sun.
The Times revealed earlier this year that a sale of Very Group would be conducted as part of a “second stage” of Sheikh Mansour’s exit from the £1.2 billion debt deal with the Barclay family.
The banks in line to sell Very Group are also due to assess a refinancing of the business as an alternative to an auction, according to Sky News.
A spokesman for Very Group said: “Following recent media speculation, we reiterate that during 2025 we will put in place the right mix of debt and equity for the capital structure to drive growth in years to come. Nothing has changed and we expect to address this during 2025.”