The Very Group owners select trio of banks for £4bn float
The owners of fashion retailer The Very Group have selected a trio of investment banks to organise a £4bn flotation.
Banks Barclays, Morgan Stanley and UBS have been appointed to coordinate an initial public offering (IPO) to take place next year, according to Sky News.
This would mark the first time the Barclay family – former owners of the Ritz Hotel – have taken one of their companies to the public markets.
The owners are also considering a partial stake, where the company would continue to be privately held, according to reports.
The news comes just after the group raised a £575m bond to refinance and extend its existing debt.
The Littlewoods and Very owner’s sales have boomed as shoppers shifted online amid lockdown retail closures.
Revenue was up 2.9 per cent to £2bn, results in the year ending June 2020 show. The Liverpool-based retailer reported a £48m profit compared to a £185m loss the previous year.