The Very Group - Positioning

Carlyle’s £280m Loan at VGL Midco, a holding Company outside the restricted Group of The Very Group, matures in November 2025, and with no realistic prospect of refinancing, Carlyle will become the new controlling shareholder. This was widely expected and will have no impact on the public bonds. This will mark the end of the Barclay brothers' involvement in the Group, but with the various intermediary entities' leverage and debt maturity, the brothers were only nominally involved. 

The Very Group called the balance of the 2026 Notes on the 1st August, exiting our long position.