The proprietors of The Daily Telegraph have begun exploring plans for a £3bn-plus flotation of Very Group, their booming online retail operation.
Sky News has learnt that the Barclay family is at the early stages of examining whether to take Very to the public markets in order to capitalise on exploding investor interest in digitally led retailers.
Insiders said that the family had started evaluating such a move prior to the unexpected death this week of Sir David Barclay, who with his twin brother Sir Frederick had built one of Britain s biggest private business empires.
A decision about an initial public offering (IPO) of Very Group is not thought to be imminent, but sources close to the family acknowledged that it was under more serious contemplation than at any previous point.
Boohoo says its sales are due to smash targets as the latest bout of lockdown restrictions sent profits soaring - despite being embroiled in controversy over claims it was using suppliers who exploited their workers.
The online fashion retailer said group revenues jumped 40 per cent to £660.8 million on the back of strong Christmas and Black Friday sales.
Its revenue growth is expected to be between 36 per cent and 38 per cent for the financial year to February - soaring ahead of the predicted 28 per cent to 32 per cent growth.
The company s financial success follows a newly-published report claiming Boohoo is making excellent progress to ensure its suppliers have suitable factory conditions after the exploitation scandal last year.
Wednesday 13 January 2021
Sir David Barclay (left) and Sir Frederick Barclay at Buckingham Palace after receiving their knighthoods from the Queen, 2000
MICHAEL STEPHENS / AFP via Getty Images
Sir David Barclay has died at the age of 86, following a short illness, his newspaper – the
Telegraph – has reported. With his identical twin, Sir Frederick, he rose from humble beginnings to build a vast business empire which began with hotels and expanded to include shipping, retail and, since 2004, the ownership of the Telegraph Media Group.
By minutes, he was the older brother, and, reportedly, the more outgoing of the two. Although, that is saying something, given that privacy was their trading secret. In a rare public comment Sir David said: ‘Privacy is a valuable commodity. There is no incentive for us to talk about our business affairs’. Then, many years later he added: ‘It doesn t appeal to us to boast to others of how clever we have been or how successful we are’ (w
The founder of Capita and his wife have lost their battle to block an overly large, six-bedroom house from being built after claiming it will overshadow his own mansion.
Sir Rodney Aldridge warned the house would invade his privacy, along with his wife Carol, at their home on a millionaire s playground, estate in Surrey.
The couple, thought to be worth around £135m, signed a letter to Elmbridge Borough Council accusing developers of trying to maximise the commercial value of the neighbouring plot by building an overly large property on the 0.2 hectare site.
Elmbridge Borough Council has approved plans to build a six-bedroom mansion next to the millionaire s playground estate where Capita owner Sir Rodney Aldridge lives with his wife