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The Very Group weighing up IPO plans

Owners of British online retailer reportedly considering £3 billion float of the business.

The owners of The Very Group are reportedly mulling over an IPO of the online retailer, which could value it at £3 billion.

Sky News reported that the Barclay family is in the early stages of deciding whether to take the group public, amid soaring interest from investors in online retailers.

The Very Group has been one of the success stories of lockdown and recently reported record sales during the Christmas trading period.

For the seven weeks to and including December 25, 2020, retail sales increased 25.2% year on year at Very.co.uk. Sales via the Very mobile app, meanwhile, were up by 33%.

The retailer also gained more than 500,000 new customers during the period, an increase of 25.5% year on year.

Henry Birch, ceo, said in a trading update earlier this month that the retailer has “strong momentum” as it begins the year. “I believe our resilient, flexible and proven business model, which is online, multi category and offers customers flexible payment options, will continue to help us thrive in 2021,” he offered.

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