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.
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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.
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