Very Group owner reportedly told to 'lower expectations' amid sales process

A new report has suggested that the Barclay brothers, the owners of Very Group, have been told to “lower their expectations” in their pursuit of a buyer for the fashion e-tailer.

Very had been “forced” to put itself up for sale earlier this month, the Telegraph initially reported, as it faced continuously mounting debts.

The media outlet noted that Aidan and Howard Barclay had agreed to either sell the entire company or a stake in the business as part of a refinancing deal established with one of its biggest creditors.

The group, which had previously been valued at four billion pounds, had seen a collection of its lenders, led by private credit firm Carlyle, demand the terms in return for pushing back a deadline on a 280 million pound loan.

Now, however, the Barclays have reportedly been told that their price for Very, which owns Very.co.uk and Littlewoods, is a little too optimistic.

According to This Is Money, retail analyst Jonathan De Mello has advised the owners to “lower their expectations if they want to attract a private equity buyer”.

De Mello added that the firm had received “little interest” despite reports suggesting that fashion giants Frasers Group, Zalando and Next are among the interested parties.