UK online retailer The Very Group has refinanced key borrowings, extending maturities to 2029-2030 and cutting costs after reducing debt by £150m ($203.9m).

Backed by owner Carlyle, the refinancing extends all note tranches within the group’s £1.77bn UK securitisation facility to 1 February 2029 on improved margins.

The company has also renewed its £150m super senior revolving credit facility, pushing its maturity to February 2030.

After meeting a deleveraging condition on its senior secured notes, the retailer cut the coupon to 9.75% from 13.25% and lengthened maturity to August 2030 from August 2027.

Carlyle’s capital injection reduced total group debt by £150m.

The Very Group said the transaction reinforces its capital structure and ensures funding for the next three financial years under the securitisation programme, which has operated for more than 20 years.

It added that reduced leverage and longer maturities should be viewed positively by rating agencies.

The Very Group CFO Edward Fry said: “Securing this long-term funding reflects the confidence of our lenders in the strength of our business. The combination of extended maturities, improved margins and further deleveraging provides a stable platform for continued investment in our digital and customer proposition, while maintaining a disciplined approach to balance sheet management.

“The £150m capital support from Carlyle is a reflection of their strong and ongoing support for the business. This leaves us in a robust financial position and well placed to support future growth.”

Last month, the company reported that its 2025 Christmas trading was supported by strong demand in home, toys and beauty, but it did not disclose performance in fashion.

In the six weeks to 27 December 2025, Very UK retail sales rose 1.9% year on year, led by home, up 7.9%, and toys and beauty, up 6.4%.