The Barclay family is set to lose control of another part of its former business empire with a private equity firm controlling online rubber.
Washington-based Carlyle Group is expected to announce that it has acquired the retailer early this morning.
The change of control can end more than 20 years under the ownership of the Barclay family, which was forced to give up businesses, and is one of the richest families in Britain.
The board itself, led by former conservator Nadim Zahawi, met on Sunday to confirm the change in ownership, according to Sky News, which first reported the move.
The Barclay family, led by identical twins David and Frederick, have owned it since buying it in 2002 – when it was a catalog retailer known as Guts – for £750m. That business merged with the store directly in 2004. David Barclay died in 2021.
However, the Barclay family’s affairs appear to have worsened in recent years. Telegrik lost control of the newspapers after the family struggled to pay off large loans.
Carlyle first became a lender to the same group in 2021 with a loan of an unknown size. This is followed by the investor in 2024 with around £85m from a £125m debt package. Carlyle’s total business finance is thought to be more than £500m.
ABU Dhabi-based investment fund International Media Investment (IMI), which is also a lender, is expected to remain a lender.
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The self itself is not thought to be struggling financially. The retailer last month reported growing profits, with £307m in earnings before interest, tax, depreciation and amortization in the year to 28 June. It makes sales of £2.1bn in the year.
The group itself and Carlyle both declined to comment.