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The Very Group announces increase and extension of securitisation facility

December 4, 2023

In September 2023, The Very Group Limited (the “Group”) extended the ‘B’, ‘C1’ and ‘C2’ notes of its UK securitisation facility to 1 January 2027 and today, the Group is pleased to announce the successful increase and extension of the Group’s ‘AS’ and ‘AJ’ notes to the same date (1 January 2027). 

The senior element of the facility (‘AS’ and ‘AJ’ notes) has increased by £50.0m to £1.375bn and has been extended by a further year to 1 January 2027, securing funding for the Group for the next three financial years. These changes have been made without increasing note margins. 

The total securitisation facility now stands at £1.635bn and has been operating for two decades.

Rating agencies Fitch and DBRS have confirmed ratings of “AAA” and “A” for the A notes within the facility, with Fitch confirming a rating of “BBB” for the B notes.

Ben Fletcher, Chief Finance and Transformation Officer at The Very Group, commented: “We are very pleased to have extended our UK securitisation facility, which is a testament to the quality of our relationships with the securitisation banks, and their confidence in the quality of our debtor book. We are grateful for their ongoing support.”

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