Very boss exits as lenders circle Barclays’ empire

THE chief executive of Very Group has quit after less than two years in the job, as lenders circle the Barclay family’s retail empire.

Lionel Desclee’s exit comes just weeks after US private equity firm Carlyle and Abu Dhabi-based IMI provided Very with a £125m investment lifeline, securing board seats in the process. He will be replaced by veteran retailer Robbie Feather, the former boss of luxury department store chain Fenwick, who has been internally promoted from the role of retail managing director.

Mr Desclee’s departure was announced by the company yesterday, as bosses said he stepped down to “pursue new opportunities”.

The Belgian was picked out in 2022 by former Very chairman Dirk Van den Berghe, who resigned in February following the cash injection from Carlyle and Sheikh Mansour bin Zayed al-nahyan’s International Media Investments.

It marks the latest change among the senior ranks at Very, with the retailer’s ownership under increasing scrutiny amid financial strain across the Barclay family’s network of businesses, which includes The Telegraph. Aidan Barclay, the eldest son of Sir David, recently became chairman of Very. Following the seizure of The Telegraph by Lloyds Bank last year, the Barclays have regained control of the newspaper after repaying debts with new borrowing mostly provided by Sheikh Mansour.

However, the family abandoned ownership of parcel courier Yodel in February.

Aidan Barclay said: “Robbie has proven to be an outstanding leader, both at Very and throughout his career.”