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The Barclays bag fresh funding from IMI: Abu Dhabi investment firm InternationalMedia Investments (IMI) has agreed to lend the Barclay family-owned digital retail firm The Very Group as part of a larger GBP 125 mn funding package provided by the investment firm and private equity group Carlyle, The Very Group said in a press release. Carlyle will provide GBP 85 mn of the total funding.
How is IMI chipping in? IMI agreed to extend the remaining GBP 40 mn of the funding facility to the Barclay family, representing the remainder of the loan, the Financial Times reports, citing a source familiar with the matter.
The loan will give IMI a seat on Very’s board: Under the funding agreement, IMI and Carlyle will each assume a chair on The Very Group’s board, the retailer said.
Background:The Very Group is among the UK assets the Barclay family reportedly pledged as security to the GBP 1.2 bn (AED 5.6 bn) loans provided by IMI-backed RedBird IMI last year. The Barclay family took out the loan to repay the GBP 1.2 bn (AED 5.6 bn) in debt it owes to Lloyds Bank in order to regain control over the Telegraph. Securing these assets as collateral gives RedBird IMI the right to take control of the assets in case of default.
The transaction has been contested in the UK, with 73 British MPs including a cabinet minister and frontbenchers from both political parties calling to halt the takeover, followed by UK Culture Secretary Lucy Frazer issuing an order to prevent any further changes to the ownership of The Telegraph until the UK government completes its investigation into the takeover of the newspaper.
The funding could help The Very Group out of its tight spot: While the company did not reveal what the funding package will be used for, the news came on the heels of Very Group posting GBP 3.2 mn in net loss for 1H 2023-24, according to its financial statements (pdf).
