Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

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 Exclusive and Littlewoods.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.