{"id":35636,"title":"Barclay family is on the verge of losing their control over Very Group","publisher":"Stockmark.IT","author":"Stockmark.IT Website","published":"2024-10-08T05:26:26+00:00","modified":"2024-10-08T05:26:26+00:00","canonical_url":"https://stockmark.it/barclay-family-is-on-the-verge-of-losing-their-control-over-very-group/","markdown_url":"https://stockmark.it/barclay-family-is-on-the-verge-of-losing-their-control-over-very-group.md","json_url":"https://stockmark.it/barclay-family-is-on-the-verge-of-losing-their-control-over-very-group.json","category":"Business","categories":["Business","Companies","Retail"],"featured_image":"https://i0.wp.com/stockmark.it/wp-content/uploads/stencil.stockmark-it-14-1.jpg?fit=1200%2C800&quality=89&ssl=1","format":"news","language":"en-GB","content":"Very Group’s ownership by the Barclay family is being reviewed as their corporate empire continues its decline following a £1.2billion debt deal with a Joint Venture backed by funds from the United Arab Emirates.\n\nBarclays JP Morgan, Morgan Stanley and Morgan Stanley are evaluating options for the future of Very Group, including a potential sale of this online retailer for around £2.5 billion.\n\nIf the banks are able to find a buyer, the Barclay family may lose control over the last pillar in their corporate empire. The Barclay family has sold off most of its assets over the past few years, including The Ritz Hotel and The Telegraph Newspapers.\n\nRedBird IMI is a joint venture that was backed by an Emirati royal member. It took control of Barclay’s corporate and media assets in the early part of this year, when it refinanced the outstanding debts they owed Lloyds Bank.\n\nThe deal, which aimed to convert the debt secured by the titles in equity and take ownership of the Telegraph and Spectator, was blocked due to new laws that prohibit foreign powers from being able own UK media outlets. Politicians expressed concern about the deal because it was partially funded by Sheikh Mansour. Vice-president and deputy premier of the UAE. RedBird IMI has advanced discussions to Sell The Telegraph Newspapers to Dovid Efune Owner of The New York Sun.\n\nAnnounced earlier this year a sale of Very Group as part of the “second stage” in Sheikh Mansour’s exit from the £1.2billion debt deal with Barclay Family.\n\nSky News reports that the banks who are in line to buy Very Group will also consider refinancing as an alternative to a public auction.\n\nA spokesperson for Very Group stated: “Following media speculations, we confirm that in 2025 we will implement the right mix between debt and equity in the capital structure in order to drive growth for years to come. We expect to deal with this issue in 2025."}