US investor Carlyle reportedly set to take control over Very Group

US investment firm Carlyle is said to be on the cusp of taking over Very Group, potentially bringing to an end the Barclay family’s long reign over the British e-tail group.

According to sources for Sky News, Carlyle, which currently serves as Very’s biggest lender to its parent company, could assume ownership of the retailer as early as October.

The media outlet said the firm was likely to end up with a majority stake in the Very Group after potentially exercising a “step-in right”, through which it would convert its debt into equity ownership.

Carlyle is expected to hold further talks with creditors in the coming weeks, including Abu Dhabi-based IMI, which jointly took over Very Group’s debts in a 1.2 billion pound refinancing deal back in 2023.

Upon Carlyle’s takeover, Sky News’ sources said IMI could secure an equity stake or a preferred position in the recapitalised company’s debt structure.

Carlyle declined to comment. FashionUnited has contacted IMI and Very Group with requests to comment.

Back in 2024, Very had been embroiled in sale speculation after it was said to have been “forced” into exploring the option as part of a strategic review.

Financial pressures continued to mount for the retailer into the new year, when credit rating agency Fitch Ratings downgraded the group’s credit rating to CCC+ and placed it on a negative watch, according to various media outlets.

In April 2025, Very reported that it had secured a 598 million pound refinancing by issuing senior secured notes due in August 2027. The company has further extended its 150 million pound revolving credit facility.