Nadhim Zahawi was chairman of the Conservative Party until he was sacked last year. Photo: Victoria Jones/PA Wire
Nadhim Zahawi has been named chairman of Very Group just days after stepping down as an MP.
The retail group, which owns the Very and Littlewood brands, said it had appointed Mr Zahawi will serve as non-executive chairman and board member.
He replaces Aidan Barclay, who has served as interim chairman since February.
The appointment comes at a turbulent time for the Very Group, which sells goods from clothing to footwear and is the largest remaining part of the Barclay family's empire.
The family still owns The Telegraph but is unable to provide any support influence. impact on title ahead of upcoming auction
Mr Zahawi's arrival at Very Group is likely to spark a hunt for new investment in the Liverpool retailer, which is saddled with debt of around £2.5 billion.
Deloitte resigned as the company's auditor in March after struggling to access financial information.
Earlier this year the company received a £125 million lifeline from the Abu-based Carlyle Group -Dabi of International Media Investments (IMI), who both appointed representatives to the board of directors along with the family.
IMI, owned by UAE Vice President Sheikh Mansour bin Zayed Al Nahyan, has partnered with Very Group as part of its role in the failed bid to buy The Telegraph with US private equity firm RedBird.
RedBird IMI exercised the option to seize control of the newspaper name as part of a complex debt deal to repay the £1.2 billion the Barclay family owes Lloyds Banking Group.
However, the UAE-backed fund has since abandoned the bid after the government intervened to block foreign ownership of UK media assets, prompting a further auction.
The joint venture also has security over Very Group and a raft of property assets as part of the agreement.< /p>
Mr Zahawi, who was a key broker in the failed Telegraph deal, became the Conservative MP for Stratford-upon-Avon in 2010.
He served for some time as chancellor and held a number of other high-ranking ministerial positions. Mr Zahawi was appointed Conservative Party chairman Rishi Sunak but was sacked last year after failing to announce His Majesty's income and earnings; Customs investigation into his tax affairs.
Before his political career, Mr Zahawi, whose family came to Britain after fleeing Saddam Hussein's regime, founded the pollster YouGov. He is now a patron of the economic think tank the Adam Smith Institute.
Mr Zahawi last week became the latest of more than 100 MPs to announce he would stand down at the next election.
He said: “I am honored to be asked to join the board of directors and become Chairman of The Very Group.”
“As one of the UK's largest providers of digital goods and flexible payment services, the company has an important role to play in helping families get more out of life. With over 100 years of experience, Very has unrivaled knowledge and understanding of its clients, demonstrating resilience even in the face of challenging conditions.”
Aidan Barclay said: “I am delighted to welcome Nadhim to the board of directors of The Very Group.
“With a proven track record of digital growth and innovation and a highly respected presence in the UK and global markets, he is ideally suited to lead our board as the company enters its next phase. strategic development and growth.”
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