Shop Direct owners Barclay brothers bank £200m in refinance deal

barclay brothers

The owners of Shop Direct are poised to take home a £200 million pay cheque in a refinancing deal after deciding not to sell the online retail business.

According to Sky News, the Barclay brothers will pay themselves a dividend following the launch of a £700 million Shop Direct bond issue within the next few days.

The exact amount of the dividend has not been confirmed, but City sources told Sky News that this could exceed £200 million.

The bond issue comes after the brothers’ abandoned the sale of Shop Direct as potential buyers were reportedly unable to meet the rumoured £3 billion price tag.

Shortly after, chief executive Alex Baldock announced his resignation from Shop Direct and would step down in 2018 after steering the online retailer through a transformational period of growth for five years.

The Barclay brothers also own The Daily Telegraph and the Ritz Hotel in London.

Click here to sign up to Retail Gazette‘s free daily email newsletter


Please enter your comment!
Please enter your name here