Very Group receives 125 million pounds funding from Carlyle and IMI

The Very Group has received a 125 million pounds funding package from global investment firm Carlyle and international investment house IMI. The agreement includes Carlyle and IMI each taking a seat on the Very Group board.

The company also announced that following two years in the role and having reached the end of his contract term, Dirk Van den Berghe has stepped down as non-executive chair. As a representative of the Barclay family in the Very Group, Aidan Barclay will assume the role of non-executive chair until an appointment has been made.

Commenting on the development, Aidan Barclay said: “Carlyle and IMI provide the support of two long-term, experienced institutional sponsors that understand our business extremely well. Their commitment underlines the confidence they have in the Group, and their contribution to the board will be invaluable as we look to the future.”

The company added that out of the funding package, 85 million pounds, provided by Carlyle Global Credit, is immediately available for use by the company.

“We believe the group has a compelling and resilient business model and is well positioned for further growth in the coming years and we look forward to working closely with them,” added Taj Sidhu, head of European and Asian private credit at Carlyle.

Commenting on the funding injection into The Very Group, Rani R. Raad, CEO of IMI, said: “Together with Carlyle, we look forward to working closely with them as they deliver against their strategic objectives and growth ambitions.”

Declaring its second quarter results, the company said, Very UK revenue growth was 2.7 percent to 1,058.1 million pounds, Very Finance revenue increased 2.7 percent to 216.4 million pounds and pre-exceptional EBITDA increased 10.1 percent to 130.7 million pounds, with an improved current year gross margin.