The Very Group has reported a loss in its latest annual results, after writing-off a loan owed by the Barclay family’s holding company.
The ecommerce giant, which recently hired Paul Stafford as its retail media boss, saw a pre-tax loss of £505.4m for the year to 28 June, falling from a £16.3m profit the year before.
The loss came as the retailer wrote-off a £524.8m intercompany loan to the Barclay family, as lenders gear up to take control of the retail business.
Group sales fell 1.8% year on year to £2.09bn over the period. However, adjusted EBITDA rose 15.9% year on year to £307.1m.
The results come during discussions regarding a sale or partial sale of The Very Group under a refinancing deal with lenders, including Carlyle and IMI Media Group.
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The deal will terminate the Barclay family’s 20 year ownership of the group.
The Very Group CEO Robbie Feather said: “FY25 was a year of real progress for Very. As a multicategory digital retailer and flexible payments provider, we have a unique business model which continues to resonate with the families we serve.
“Our customers are at the heart of everything we do and this focus, combined with the passion of our colleagues, has helped us achieve our best-ever customer satisfaction score.”
He continued: “Despite a challenging economic backdrop, we’re delighted with our performance, driven by our unrelenting focus on improving all aspects of our offer and customer experience.
“We ensured we had the right products at the right time, at the right prices, and with the right payment options. Together with disciplined cost control we were able to deliver significant earnings growth across the year.”
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