The Gulf-based backers behind the Barclay family is plotting a sale of Very Group as it seeks to unwind £1.2bn refinancing of the family’s debts,
The Abu Dhabi investment firm is understood to be drawing up plans for an auction of the online department store, The Times reported.
A sale of Very would be part of the “second stage” of a plan that would allow United Arab Emirates vice president Sheikh Mansour to recover lending secured against the Barclays’ assets.
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Redbird IMI – a joint venture between the sheikh and American private equity firm RedBird Capital – is now preparing an onward sale of the Barclay family’s assets, including Very and The Telegraph Group.
A source close to the negotiations told the newspaper that separate transactions were planned because media operators were unlikely to express an interest in Very and “different bidders will offer best value for the individual parts”.
Very has long been a prized possession of the family’s business operations but its future has been in doubt following speculation about the group’s finances.
German insurer Allianz pulled the retailer’s credit insurer for suppliers last year and since then, the retailer has accepted £125m of additional debt funding from private equity firm Carlyle and IMI, the sheikh’s investment firm.
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