By Grace Bowden2019-11-05T11:10:00
Shop Direct owners the Barclay family are understood to have kicked off a review of their business empire, raising questions about the etailer’s future ownership.
The review, which comprises the bulk of the family’s business portfolio including The Ritz Hotel in London, newspapers The Daily Telegraph and The Sunday Telegraph and delivery business Yodel, comes at a challenging time for Shop Direct.
Shop Direct, which will rebrand as The Very Group this month to align itself with its biggest brand, reported spiralling losses in its full-year results last month. It posted a statutory loss of £185.5m in comparison with a loss of £24.7m the previous year.
The retailer blamed its ballooning losses on an “unexpected surge” in PPI payout claims amounting to £169m in the final weeks of its financial year, resulting in a £150m funding gap the business needs to plug.
Please sign in now if you have a subscription
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.