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Barclay brothers sacrifice £200m Shop Direct dividend

Shop Direct owners the Barclay brothers may miss out on a dividend of up to £200m after overhauling the group’s refinancing, it has been reported.

Sir David and Sir Frederick Barclay kicked off a £700m bond issue earlier this month, after shareholders in July decided not to pursue discussions to sell part or all of the business.

Up to £200m of the issue’s proceeds were set to be paid in dividends, but the brothers dropped the payout after it was labelled as “too aggressive”, sources told the Evening Standard.

Industry figures told Drapers earlier this month that the failure to sell Shop Direct this summer triggered chief executive Alex Baldock’s impending departure from the business, which operates Very.co.uk, Very Exclusive and Littlewoods.

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