Barclays brothers scrap planned sale of Shop Direct
The billionaire Barclay brothers have scrapped a proposed sale of Shop Direct, citing uncertainty created by the general election.
David and Frederick, who also own the Daily Telegraph and Sunday Telegraph newspapers, had been reviewing their options, one of which was a sale of the business for a reported £3bn.
However, Shop Direct said yesterday: "At the start of the year the shareholders of Shop Direct decided to review a number of options for the business, including a possible partial or full sale.
"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."
A number of heavyweight private equity firms had mulled taking over the firm, which is behind Very.co.uk and Littlewoods.com.