The Very Group is expected to be floated on the London Stock Exchange in mid-2023, after the owners called off the plans for a £4bn IPO last year due to volatile market conditions.
Owned by the Barclay family, the ecommerce giant is currently on back on track for a public listing to be achieved by the middle of next year, according to a report in The Times.
Online retail giant Very Group, which also owns ecommerce brands including fashion retailer Very and homeware and clothing seller Littlewoods, has reportedly offered incentives to senior managers to stay on and help see the deal through.
Leaders will be rewarded for remaining onboard for ‘several years’ and helping to steer the company through any upheaval caused by the flotation.
The Barclays originally mooted floating The Very Group last year after the pandemic saw the company’s sales skyrocket, with pre-tax profits to the end of July 2021 jumping by 70% to £81.7m, while revenues for the same period rose by 13% to £2.3billion.
They family ultimately decided against the move as a number of tech retail businesses saw their share prices plummet soon after going public.
Concerns over Russia’s invasion of Ukraine and the resulting historic levels of inflation have stalled plans further.