Former Chancellor Nadhim Zahawi has been appointed by the billionaire Barclay family to chair The very Group.
The Stratford-on-Avon MP, who recently announced he would be standing down at the next General Election, has been the non-executive chairman at the Merseyside-headquartered group which includes Very and Littlewoods.
Nadhim Zahawi, who has also served as health secretary and chairman of the Conservative Party, has succeeded Aidan Barclay in the role which he has held on an interim basis since February following the departure of Dirk Van den Berghe.
The MP, who founded YouGov before entering Westminster politics in 2010, has previously been linked with being named as the new chairman of the Telegraph, which the Barclay family are currently back in control of – but a takeover battle continues.
Nadhim Zahawi: “That’s my own mistake”
At the weekend Zahawi said he did not regret accusing journalists of smearing him when reports first emerged of the investigation into his tax affairs by HMRC.
In 2023, Rishi Sunak sacked Zahawi as Tory Party chairman after an ethics inquiry found he had broken the Ministerial Code several times over his tax affairs.
The former education secretary told the BBC’s Sunday With Laura Kuenssberg programme: “As I said in my retirement letter, my mistakes are my own.
“I’m sorry that when I had my settlement with HMRC two years ago, I should have probably been more explicit in the details in the ministerial declaration as to how the settlement was arrived at, and that’s my own mistake.”
Very looking for fresh investment
In a statement, The Very Group said its new chairman will “work closely with the current directors and management team to achieve continued sales and profit growth, as well as exploring expansion of the business in new areas”.
The group added that he will work with the shareholders on the “strategic options for the business and the optimal capital structure to achieve its growth ambitions”.
The Very Group said this may involve “fresh equity investment in the short to medium term”.
The billionaire Barclay family is rumoured to be plotting a sale of their online retail and financial service business Very Group.
The news comes after the group secured a £125m investment as it fell to a half-year loss.
The company received around £85m from global investment firm Carlyle, while the rest has been provided by IMI to “support its growth strategy”.
As part of the agreement, Carlyle and IMI will each take a seat on the group’s board.
The investment announcement was made at the same time The Very Group posted its half-year results for the six months to December 30, 2023.
The group’s revenue went from £1.219bn to £1.226bn while it went from making a pre-tax profit of £2.1m to a loss of £2m.
“Very has an unrivalled knowledge and understanding”
Zahawi said: “I am honoured to be asked to join the board and become chair of The Very Group.
“As one of the UK’s largest digital retailers and flexible payments providers, the company has an important role to play in helping families get more out of life.
“With a heritage of over 100 years, Very has an unrivalled knowledge and understanding of its customer, demonstrating resilience even in the face of challenging conditions.
“I would like to thank both Aidan and Dirk for their stewardship of the business during their tenures as chair.
“I am excited about the strategic opportunities for the group and look forward to working alongside the management team as they further develop and grow the business for the future.”
Aidan Barclay added: “I am delighted to welcome Nadhim to the board of The Very Group.
“With a proven track record in digital growth and innovation, and highly respected in the UK and global markets, he is ideally suited to lead our board as the company enters its next stage of strategic development and growth.”
In April, The Very Group named appointed the former boss of department store chain Fenwick as its new chief executive.
Retail managing director Robbie Feather was promoted to succeed Lionel Desclé, who has been in the role since September 2022.
Later that month, Moody’s has changed its outlook on The Very Group from stable to negative.