Core Viewpoint - The Very Group has successfully refinanced its key borrowings, extending maturities to 2029-2030 and reducing debt by £150 million ($203.9 million), which strengthens its financial position and supports future growth [1][2][4]. Group 1: Refinancing Details - The refinancing extends all note tranches within the group's £1.77 billion UK securitisation facility to February 1, 2029, with improved margins [1]. - The company has renewed its £150 million super senior revolving credit facility, pushing its maturity to February 2030 [1][2]. Group 2: Debt Reduction and Financial Impact - After meeting a deleveraging condition on its senior secured notes, the retailer cut the coupon rate from 13.25% to 9.75% and extended maturity to August 2030 from August 2027 [2]. - Carlyle's capital injection has reduced total group debt by £150 million, reinforcing the capital structure and ensuring funding for the next three financial years under the securitisation programme [2][3]. Group 3: Market Position and Performance - The Very Group's CFO stated that securing long-term funding reflects lender confidence in the business's strength, providing a stable platform for continued investment in digital and customer propositions [3]. - In the six weeks to December 27, 2025, Very UK retail sales rose by 1.9% year on year, driven by strong demand in home (up 7.9%) and toys and beauty (up 6.4%) [4].

Core Viewpoint - The Abu Dhabi fund, International Media Investments (IMI), has taken control of the Barclay family's property empire, including Trenport Property Holdings and Shop Direct Holdings Limited, following a failed takeover attempt of The Telegraph [1][2][3]. Group 1: IMI's Actions and Strategy - IMI has appointed insolvency experts at Interpath to sell off assets from Trenport Property Holdings as part of a strategy to recover losses incurred from previous financial support to the Barclay family [1]. - The fund has exercised its rights under a loan agreement with the Barclays, which included Trenport and Shop Direct Holdings as collateral [4]. - IMI's involvement as a creditor to The Very Group, previously owned by the Barclays, indicates its significant financial entanglement with the family [2][3]. Group 2: Financial Implications and Asset Management - The seizure of Trenport and Shop Direct Holdings marks a critical phase in the financial decline of the Barclay family, highlighting the extent of their financial troubles [3]. - The administrators at Interpath will review the portfolio of real estate investments held by Trenport, aiming to monetize these assets in a controlled manner over the coming months [7]. - Trenport has been involved in various property developments, including the redesign of the Beaumont Hotel and the development of the Skygate distribution facility [7]. Group 3: Background on the Failed Takeover - IMI's initial plan to take control of The Telegraph alongside US private equity firm RedBird Capital was thwarted by new government regulations prohibiting state ownership of UK newspapers [2]. - RedBird IMI, primarily funded by Sheikh Mansour bin Zayed Al Nahyan, has confirmed its intention to sell its interest in The Telegraph to DMGT, the publisher of the Daily Mail [5][6].

Overall Performance - The Very Group reported a group revenue decline of 1.8% year-on-year to £2.087.4bn ($2.78bn) for FY25, down from £2.125.3bn in FY24, indicating a focus on profitability over volume in a challenging market [1] - Adjusted EBITDA increased by 15.9% to £307.1m compared to £264.9m in FY24, achieving an adjusted EBITDA margin of 14.7%, the highest in the company's history [2] - Group operating profit before exceptional items rose to £246.2m from £218.5m in FY24, while the group loss before tax increased significantly to £505.4m from £16.3m in FY24 [2] Cost Management - Group gross margin improved by 1.0% to 36.6%, attributed to strong financial services performance and a shift in retail sales mix towards higher margin home sales [3] - Operating costs, excluding fair value adjustments, decreased by £36.4m year-on-year, representing a 0.9% reduction as a percentage of revenue to 22.3%, the lowest in the Group's history [3] Category Performance - The fashion and sports segment experienced a decline of 3.7% due to a heavily discounted and challenging market, continuing a trend from FY24 where declines of 5.5% and 0.7% were noted [4] - The home category saw significant growth of 9.9% year-on-year, driven by strong demand for home accessories, textiles, and bedroom furniture, alongside growth in toys (up 4.3%) and beauty (up 5.2%) following targeted investments [5] Strategic Outlook - The CEO of The Very Group described FY25 as a year of real progress, emphasizing the unique business model as a multicategory digital retailer and flexible payments provider that resonates with families [6]