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Statement on supply chain financing

March 3, 2021

On 23rd February we were pleased to share our results for the first half of this financial year. We evidenced the resilience and adaptability of our model with increased revenues, EBITDA, and liquidity, and a reduction in our net debt.

Since the publication of these results we note the speculation in the press regarding one of our partners, Greensill Capital. Considering this coverage and the subsequent enquiries from a range of stakeholders I am happy to clarify that our exposure to Greensill is minimal. The total facility amounts to less than 4 days worth of cash receipts and poses no risk whatsoever to the liquidity of The Very Group.

The exposure backed by Credit Suisse is less than £10m and is immaterial to the Group’s working capital requirements. I am also happy to confirm that as a result of the Group’s robust liquidity position no additional use has been made of this facility since the summer of 2020.

Trading this quarter has remained strong and we look forward to updating stakeholders about our Q3 performance in May.

Ben Fletcher
Chief Financial Officer

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