Nadhim Zahawi, the former Chancellor, has been appointed chairman of the Barclay family's Very Group, the parent company of online retail giants Very and Littlewoods.
Mr Zahawi, who recently announced his intention to bow out of politics at the upcoming general election, is set to take over from Aidan Barclay as the interim chairman. The Barclays have been at the helm of Very Group since 2002, but the firm hit a rough patch with a half-year loss, prompting a scramble for £125million in fresh debt funding from Carlyle Global Credit and IMI.
In a statement released by the Very Group, it was revealed that Mr Zahawi will be joining forces with the directors and management team to scout for opportunities to branch out into new business territories. Moreover, he's expected to collaborate closely with shareholders to mull over "the strategic options" for the company, which might include securing additional investment in the foreseeable future.
Mr Zahawi has previously been in the spotlight for allegedly assisting the Barclay family in their bid to take back control of the Telegraph newspaper, which found itself in receivership under Lloyds Bank in June 2023. The Financial Times reported last year that he had emerged as a middle man between the family and a group of Middle Eastern funds which had been singled out as backers of the media group.
A few months later, United Arab Emirates-based consortium Redbird IMI effectively took control of the newspaper when it repaid the Barclay family’s debts, including a £600million loan. Redbird IMI has pulled out of a takeover bid, citing new government legislation that rendered the acquisition "no longer feasible", triggering another sale process for the newspaper group.
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Mr Zahawi said: "As one of the UK's largest digital retailers and flexible payments providers, the company has an important role to play in helping families get more out of life. With a heritage of over 100 years, Very has an unrivalled knowledge and understanding of its customer, demonstrating resilience even in the face of challenging conditions."
Mr Zahawi, who co-founded YouGov in 2000, has served under four prime ministers Theresa May, Boris Johnson, Liz Truss, and Rishi Sunak, with various ministerial roles including a brief tenure as chancellor during Johnson's premiership. His other roles have included Covid-19 vaccines minister, Conservative Party chairman, and education secretary.
Last week, he declared he would not stand in the next general election. In January 2023, Zahawi was dismissed as Conservative Party chairman following an investigation into undisclosed HMRC inquiries into his taxes. Over the weekend, he told the BBC he had settled his tax affairs with a payment of nearly £5million and apologised for the lack of clarity in his ministerial declaration regarding the settlement, describing it as a "careless mistake".
Mr Zahawi, originally from Baghdad, escaped Saddam Hussein's regime with his family and relocated to the UK at the age of 11. Aidan Barclay said: "I am delighted to welcome Nadhim to the Board of the Very Group."
"With a proven track record in digital growth and innovation, and highly respected in the UK and global markets, he is ideally suited to lead our Board as the company enters its next stage of strategic development and growth."
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