Loss-making Very gets £125m of funding from US private equity and the United Arab Emirates

Fundraising: Fronted by actress Michelle Keegan (pictured) Very sells clothes, footwear and electronics

The Barclay family has secured £125million of funding for Very Group from US private equity and the United Arab Emirates. 

The Merseysidebased company, which is owned by the Barclays and specialises in online retail and finance, will receive £85million from Carlyle and £40million from Abu Dhabibased IMI. 

The deal is a boost for the Barclay family whose plans to sell The Telegraph to foreign buyers – including IMI – are being probed by regulators and the Government. 

As part of the agreement with Very, Carlyle and IMI will each take a seat on the group’s board. 

Fronted by actress Michelle Keegan, Very sells clothes, footwear and electronics. 

The investment announcement came as the company posted a halfyear loss of £2million, having made a profit of £2.1million at the same point in 2023. 

The firm has also started a search for a chairman after Dirk Van den Berghe said he will step down. 

Aidan Barclay – the son of Sir David Barclay, who created the Very Group from the former Littlewoods and Shop Direct businesses with his brother Sir Frederick – will act as chairman until the role is filled. 

Read more at DailyMail.co.uk