Waterstones owner Elliott reportedly eyes bid for The Very Group

Elliott Advisors, the owner of Waterstones, is reportedly considering a bid for Liverpool ecommerce business The Very Group in a potential takeover worth more than $2bn (£1.5bn).

Sky News reports that US-based Elliott, which was in the running to buy electricals retailer Currys in 2024, has expressed interest. That would put it up against other bidders including China's JD.com.

JD.com was reported at the end of last month to be weighing a possible £2bn offer for the online retailer, which succeeded Littlewoods Catalogue, as it seeks to strengthen its position in the UK. Like Elliott, JD.com previously failed in an attempt to buy Currys.

The Carlyle Group took control of The Very Group in late 2025, ending the Barclay family's long involvement in the business. The family's fortunes had declined after it lost control of the Telegraph Group. Carlyle almost immediately signalled plans for a £2 billion sale in a January 2026 filing with Companies House.

In February, The Very Group strengthened its balance sheet by extending key debt facilities to 2030 and cutting its overall debt by £150m ahead of a possible sale.

The business was formed in 2005 through the merger of Littlewoods and Shop Direct, which the Barclay brothers, Sir Frederick and the late David Barclay, had bought in 2002 and 2004 respectively.

The Barclays' business empire has run into financial difficulties in recent years. Losing control of Telegraph Media Group in 2023, after failing to repay loans to Lloyds Banking Group, appears to have triggered further break-up of their holdings.

The family also sold delivery company Yodel in February 2024 as part of a wider “fire sale” of assets to ease financial pressure.

Neither The Very Group nor Elliott has commented officially on the reports.