Online retailer The Very Group has been taken over by US private equity firm Carlyle, bringing an end to more than 20 years under the ownership of the Barclay family.
The Littlewoods and Very owner confirmed that Washington-based Carlyle - a major lender to the firm - had become its controlling shareholder, with fellow lender Abu Dhabi-based investment fund, International Media Investments (IMI), continuing as a "key stakeholder".
It ends a lengthy period under the ownership of the Barclay family, which has been forced to give up control of a raft of businesses in recent years, including The Daily Telegraph newspaper, The Ritz hotel in London and delivery company Yodel.
Carlyle and IMI first became lenders to The Very Group in 2021.
"This marks an important milestone for The Very Group as we move into an exciting new phase of growth. "We are delighted to continue to partner with Carlyle and IMI," Robbie Feather, group chief executive of The Very Group, said.
"Their continued backing provides us with a stronger foundation to execute on our strategy, increase investment in technology and the customer experience and to build on the momentum across the business," he added.
The Barclay family, headed by identical twins Frederick and the late David, had bought the then Littlewoods catalogue business in 2002, before merging the business with Shop Direct in 2004, creating what in later years was rebranded as The Very Group.
David Barclay died aged 86 in January 2021.
The brothers were among the UK's most high-profile businessmen, whose assets made them billionaires at one stage and the family one of the richest in Britain.
But the family's fortunes have apparently worsened in recent years and they lost control of the Telegraph newspapers after the family struggled to repay hefty loans.
Despite the change in control, Very Group - which sells electrical products, homeware and clothing - has delivered rising profits and just last month reported a 16% rise in underlying earnings to £307m for the year to June 28 as sales reached £2.1 billion.
Mr Feather paid tribute to the Barclay family, recognising "their stewardship and contribution to the company over the past two decades".
"Over this period and thanks to their leadership, The Very Group has grown significantly - evolving from a traditional catalogue business into one of the UK's largest and most dynamic online retailers," the company said.
"The Barclay family pass on a business that is performing very strongly," it added.
Former UK chancellor Nadhim Zahawi is chairman of Very Group, having been appointed to the role in May last year.
