Waterstones parent company Elliot circles The Very Group for potential £2bn takeover

Investment firm Elliott Advisors, which owns Waterstones, has entered the fray as possible bidders for The Very Group in what could be a $2.67 billion (£2bn) takeover, according to Sky News.

Elliott’s interest in the business will see it go up against rival bidders including Chinese e-commerce behemoth JD.com, which was weighing up a £2 billion takeover of The Very Group in May as it looks to affirm its foothold in the UK market.

The move follows JD.com’s failed takeover attempt of UK electrical retailer Currys, as well as its previous interest in acquiring Argos from Sainsbury's.

American private equity firm The Carlyle Group, which acquired control of The Very Group in late 2025 - ending the Barclay family's long-standing involvement in the business – was reported to be planning a £2 billion sale of the company back in January.

Previously known as Shop Direct, The Very Group sells beauty products and technology, as well as clothing, homeware and electrical goods – mainly under the Very and Littlewoods brands.

Last month, The Very Group published its latest interim results for the 39 weeks ending 28 March 2026, which revealed that retail revenue from its flagship brand, Very, grew 0.1% year-on-year to £1 billion.

The retailer’s sports offering saw 7.5% growth, however, its overall fashion segment declined 4.5% in what it described as a “tough market”.

Its toys and beauty category, which the group described as strategically important, continued to “perform well”, delivering 3% year-on-year growth, with a 4.3% increase in fragrance sales.

Overall, the group, which also includes The Very Group's financial services offering, recorded a 0.3% increase in revenue to £1.6 billion, a performance it described as resilient despite “ongoing challenges in the market”.

Group retail sales, including revenue from its Littlewoods and Very Ireland brands, declined 1.6% to £1.2 billion.