Shop Direct owners set for £200m windfall in refinancing deal

The owners of Shop Direct, the ecommerce giant which operates Very and Littlewoods, are reportedly set to take home a £200 million pay cheque in a refinancing deal after deciding not to sell the business.

Sir David Barclay and his twin brother Sir Frederick will pay themselves a dividend following the launch of a £700 million Shop Direct bond issue within the next few days, reports Sky News.

The exact size of the windfall for the brothers is unknown although several City sources reported that it was likely to be in excess of £200m.

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The news comes after the owners scrapped the sale of Shop Direct as potential buyers were reportedly unable to meet the rumoured £3 billion price tag.

Earlier this month, Shop Direct reported a year of bumper sales due to increase in consumer smartphone activity.

Shop Direct boasted record sales of £1.93bn with like-for-like growth of 5.3% for the year ending July 2017.

Across the Shop Direct portfolio, it receive an average of more than 1.3 million website visits every day, with 69% of online sales completed on mobile devices.

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