The Very Group has extended and renewed its key debt facilities to secure long-term funding to power the business.
The news arrives months after global investment firm Carlyle became the new owner of The Very Group, following the Barclay family’s departure.
Long-term funding has now been confirmed to 2029 and beyond, with the retailer adding that the refinancing “significantly strengthens the group’s capital structure and leaves the business well positioned for the next stage of its growth”
All maturities have been extended to February 1 2029, ensuring funding for the next three financial years, while its £150m super senior revolving credit facility has been renewed and maturity extended to February 2030.
The group’s overall debt has been reduced by £150m with Carlyle’s capital support.
The Very Group chief financial officer Edward Fry said: “Securing this long-term funding reflects the confidence of our lenders in the strength of our business. The combination of extended maturities, improved margins and further deleveraging provides a stable platform for continued investment in our digital and customer proposition, while maintaining a disciplined approach to balance sheet management.
“The £150m capital support from Carlyle is a reflection of their strong and ongoing support for the business. This leaves us in a robust financial position and well placed to support future growth.”
No comments yet