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Shop Direct scraps potential sale of business

Shop Direct’s shareholders have decided not to pursue discussions to sell the business.

The ecommerce giant, which operates Very.co.uk, Very Exclusive and Littlewoods, had been reviewing options including a partial or full sale since the start of the year.

However, it said interest from potential bidders has cooled as a result of the UK’s current political climate.

A statement from the ecommerce business said: “In recent weeks it has become clear that the appetite of potential bidders has begun to change due to uncertainty created in the post-election UK environment so the shareholders have decided not to pursue discussions further at this stage.

“Shop Direct continues to outperform the market delivering double-digit profit growth for the year ended 30 June 2017 and this strong trajectory is expected to continue.”

Last month it was reported that several private equity firms, including CVC Capital Partners and Carlyle, decided against bidding for Shop Direct.

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