Very Group owners revive stock exchange listing plans - report
Plans to list UK-based digital fashion retail giant Very Group on the London Stock Exchange are being revived, according to reports.
Owner the Barclay family is keen to resurrect plans to float the £4 billion business, according to a report in The Times, although the company has declined to comment.
It’s hoped a public listing could be achieved by the middle of next year, the report said, noting that senior managers have been offered incentive packages in order for them to stay on for a number of years to steer the retailer through any public listing.
After the pandemic saw its online sales rocket, bosses had been keen for an IPO. However, these ambitions were put on hold as tech firms have seen their share prices crash in the months after going public.
Concerns over the current high level of inflation, exacerbated by Russia’s invasion of Ukraine, further stalled plans.
In its results for the year ended 3 July 2021, group revenue had jumped 13% to a record £2.3 billion, driven by Very retail sales where its customer base grew to 3.82 million. This took the group’s total customers numbers to 4.82 million.
Its Littlewoods arm has been les impressive, however growth at the Very business has more than carried it through and fashion has been a strong super-category for the e-tailer.
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