The Very Group is in talks with Conservative MP Nadhim Zahawi about chairing the business amid speculation that he will join a mass exodus of the political party’s MPs at the upcoming general election.
The Stratford-on-Avon MP, who had a short stint as Chancellor in 2022, is amongst the candidates to become the next chair of Very, which owned by the Barclays family, Sky News reported.
City sources said that discussions were ongoing but warned there was no certainty that Zahawi would take the job.
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It comes as the online retailer confirmed that Dirk Van den Berghe was stepping down as chair after two years.
Aidan Barclay, who also chaired The Telegraph for years, is now acting as its interim chair for Very.
If Zahawi does take the role, he would be expected to announce that he is standing down at the forthcoming election following in the footsteps of ex-prime minister Theresa May and former Conservative Party chair Sir Brandon Lewis.
The MP has been acting as an intermediary between the Barclay family and the Abu Dhabi-based investor IMI Investments since its interest in making a bid for The Daily Telegraph, which the family also own, emerged last summer.
Earlier this week, Deloitte stepped down as auditor of Very Group after struggling to gain access to its financial information.
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