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Very Group appoints STJ Advisors to explore potential IPO

By Huw Hughes

Jul. 19, 2021

Business

Image: The Very Group

The owners of Very Group are reportedly gearing up for a potential 2022 IPO of the British e-tailer.

The Barclay family, who also own The Daily Telegraph, has appointed STJ Advisors to prepare Very Group for its stock market debut as early as next year, Sky News reports.

It would be the first time the Barclay family has taken one of its companies public, though sources close to the matter cautioned that a partial stake sale remains an option.

Very Group weighs up 2022 IPO

The family could be eyeing a 4 billion pound windfall from the flotation, according to Sky.

The Very Group - formerly called Shop Direct - has been one of the success stories of lockdown as it managed to capitalise on shoppers’ shifts to online channels.

In the year to June 2020, the company reported a 2.9 percent increase in revenue to over 2 billion pounds. In the third quarter of the year, sales soared by a record 53.8 percent.

“As in the financial crisis, our business model proved adaptable and resilient in the face of volatile conditions and changing consumer buying patterns,” CEO Henry Birch said during the results.

“We experienced peak trading levels and recruited unprecedented levels of new customers as our online multi-category model supported by financial services came to the fore.”