Former Foreign Minister Nadhim Zahawi to chair Very Group

Former chancellor Nadhim Zahawi has been appointed chairman of the Very group, owner of the Very and Littlewoods brands.

Zahawi, who has been MP for Stratford-on-Avon since 2010, revealed last week that he will not seek re-election.

The 56-year-old will take a place on the board and replace interim chairman Aidan Barclay.

Prior to his political career, Zahawi co-founded and was CEO of the market research organization YouGov.

During his tenure, the company expanded to the Middle East and the United States, and was listed on the London Stock Exchange.

In office, the Iraqi-born MP, patron of the Adam Smith Institute economic think tank, had a brief spell as Chancellor of the Exchequer.

His other ministerial roles included acting as minister for Covid Vaccine Rollout during the pandemic, where he helped with the rollout of the vaccine.

In a statement, Aidan Barclay said: “With a proven track record in digital growth and innovation, and highly respected in the UK and global markets, (Zahawi) is ideally suited to lead our board as the company enters its next stage of development. strategic development”. and growth.”

In February, the Barclay family raised £125m of funding for Very Group from US and UAE private equity.

The Liverpool-based company, which specializes in finance and online retail, will receive £85m from Carlyle and £40m from Abu Dhabi-based IMI.

The investment announcement came as the company posted a half-year loss of £2m, having made a profit of £2.1m at the same time in 2023.

Appearing on the BBC’s Sunday With Laura Kuenssberg yesterday, Zahawi apologized for not being “more explicit” about his tax deal.

Zahawi was sacked as Conservative Party chairman by Rishi Sunak in January 2023 after he was found to have committed a “serious breach” of ministerial rules.

At the time, the sum handed over to tax authorities by Zahawi was reported to be at least £4.8m, including a £1.1m fine.