// Very Group set to pay a dividend of “up to £25m” to parent company VGL Fino, of the Barclay brothers control
// It would mark the first dividend The Very Group has paid since 2017
The Very Group is reportedly going to resume dividend payments to its billionaire owners after it was paused for four years.
According to The Financial Times, the online retailer is set to pay a dividend of “up to £25 million” to parent company VGL Fino.
Directors of VGL include Aidan and Howard Barclay, the sons of the late David Barclay.
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VGL is controlled by the family settlements of David and his twin brother Frederick.
The dividend payment, details of which were set out in an offer document for a £575 million bond issue, is set to be made during the first quarter of The Very Group’s current financial year, which started last month.
It would mark the first dividend The Very Group has paid since 2017, when it paid out £400 million to the Barclays.
However, £250 million had to be injected back into the online retail group – which owns Littlewoods and Very – due to provisions for mis-selling PPI alongside the credit it offers customers.
News of the dividend payment comes as The Very Group appointed advisory firm STJ Advisors to explore ownership options, including a potential a listing on the London Stock Exchange’s junior AIM market.
However, a placing would be unlikely to take place until 2022.
The Very Group has been owned by the Barclay family for almost 20 years.