Table of Contents
The Very Group is a UK-domiciled pureplay digital retailer and consumer credit provider with no direct military contracts, no operational presence in Israel or the Occupied Palestinian Territories (OPT), and no disclosed capital investment in the Israeli economy. On the BDS-1000 framework it scores 180 (Tier E), placing it in the lowest tier but above a nil finding.
The dominant driver of the score is the V-DIG domain (domain score 2.25), where confirmed deployment of multiple Israeli-origin cybersecurity tools — SentinelOne at the endpoint layer, Wiz across the cloud estate, and Check Point at the network perimeter — represents structurally embedded procurement of technology whose founders include alumni of Israeli Defence Forces intelligence Unit 8200. TVG is a technology buyer, not a provider, and the BDS-1000 Customer Cap correctly constrains the Impact ceiling. Nevertheless, the depth of integration across all three primary security architecture layers, corroborated by first-party corporate disclosure, makes this the most evidentially secure finding in the dossier.
The V-POL domain (score 1.57) is elevated primarily by the appointment of Nadhim Zahawi — a former UK Cabinet minister with documented Conservative Friends of Israel (CFI) association — as Non-Executive Chair in May 2024. TVG has issued no public statement on the Gaza conflict, while its Annual Reports name Ukraine as a geopolitical risk factor; the asymmetry is noted but cannot be confirmed as a deliberate editorial choice without primary document review. TVG stocks SodaStream and HP Inc. products, both active BDS campaign targets, without any disclosed occupied-territory sourcing policy.
The V-ECON domain (score 1.38) reflects a narrow direct economic relationship: confirmed retail listings for SodaStream (Israeli-headquartered, West Bank manufacturing discontinued since 2015) and Keter (Israeli plastics manufacturer with documented manufacturing operations at the Barkan Industrial Zone, West Bank, current status unconfirmed). An indirect ownership-layer connection runs through Carlyle’s ~$400 million acquisition of LiveU, an Israeli live-video technology company, but this is Carlyle’s investment, not TVG’s, and the fund vehicles are legally separate.
The V-MIL domain (score 0.16) records no direct defence supply. The only military-relevant finding is the ownership-layer adjacency through Carlyle to ManTech International (a US defence and intelligence services contractor) and StandardAero (military engine MRO), both confirmed Carlyle portfolio companies. TVG and these entities are held in separate fund vehicles, and no primary source confirms an Israel-specific defence contract nexus connecting them to TVG. Multiple specific claims in prior AI-generated research were traced to fabricated source URLs and have been excluded.
| Date | Event |
|---|---|
| 1923 | Littlewoods founded in Liverpool by Sir John Moores; precursor to TVG 1 |
| 2008 | Carlyle Group acquires Booz Allen Hamilton government consulting division (subsequently IPO’d; Carlyle stake fully exited before TVG acquisition) 2 |
| 2015 (Aug–Oct) | SodaStream closes West Bank (Mishor Adumim) factory; relocates to Lehavim, southern Israel 3 |
| 2018 | PepsiCo acquires SodaStream; SodaStream remains Israeli-headquartered 4 |
| 2019 | Carlyle acquires StandardAero from Veritas Capital 5 |
| 2020 | UAE–Israel Abraham Accords; UAE announces $10 billion bilateral investment fund with Israel 6 |
| 2021 | AWS and Google awarded Israeli government Project Nimbus cloud contract (~$1.2 billion) 7 |
| 2021 | Carlyle Europe Technology Partners IV acquires LiveU (Israeli live-video company) for ~$400 million 8 |
| 2022 (Oct) | Carlyle acquires ManTech International for $4.2 billion 9 |
| 2023 | TVG announces AWS as primary cloud provider, referencing generative AI and Amazon Bedrock 10 |
| 2023 | TVG announces Constructor.io partnership for AI-powered product discovery 11 |
| 2023 | TVG commences significant debt restructuring; Carlyle among creditor syndicate 12 |
| 2024 (Apr) | AWS and Google employee protests specifically objecting to Project Nimbus reported 13 |
| 2024 (May) | Nadhim Zahawi appointed Non-Executive Chair of The Very Group 14 |
| 2024 | TVG launches Very Media Group retail media platform for ~200 brand partners 15 |
| 2024 (Sep) | StandardAero IPO on NYSE (ticker: SAR); Carlyle’s controlling stake substantially reduced 5 |
| 2024 | RedBird IMI’s attempt to acquire The Daily Telegraph blocked by UK government on media plurality grounds 16 |
| 2025 (~Nov) | Carlyle Group acquires controlling equity stake in TVG (~£2.5 billion enterprise value); IMI confirmed as stakeholder and lender 17 |
| 2025 | TVG publishes Capital Structure and Business Update naming SentinelOne, Wiz, and Vectra AI in its security stack 18 |
| 2026 (Jan) | Nadhim Zahawi reported to defect to Reform UK 19 |
The Very Group is the UK’s largest pureplay digital department store, operating through the Very.co.uk and Littlewoods brands. The company traces its origins to catalogue retail — Littlewoods was founded in Liverpool in 1923 — progressing through successive corporate identities (Shop Direct Group) before the current brand architecture was established.1 Its registered office is in Liverpool and it has no disclosed operational sites outside Great Britain.14
TVG’s commercial model combines consumer retail across fashion, electricals, homeware, toys, and beauty with an integrated consumer credit product (Very Pay) — a buy-now-pay-later and revolving credit facility. The credit operation means TVG holds detailed financial data on approximately 4.3 million active customers.20 Consumer credit is regulated by the Financial Conduct Authority; TVG is not a regulated deposit-taking institution.
Fulfilment is conducted through the Skygate Skyport automated facility, equipped with KNAPP (Austrian) warehouse robotics.21 TVG operates no physical retail stores.
Ownership transferred in approximately November 2025 when The Carlyle Group — a NYSE-listed US private equity firm managing approximately $426 billion in assets — acquired a controlling equity stake through a debt-to-equity restructuring valued at approximately £2.5 billion enterprise value. International Media Investments (IMI), an Abu Dhabi-based vehicle linked to Sheikh Mansour bin Zayed Al Nahyan, is confirmed as a stakeholder and lender.17 The Barclay family, which had controlled TVG via Shop Direct Holdings, exited control as a result of the Carlyle step-in.12
No direct military contract, defence procurement relationship, or supply chain integration with any armed force has been identified for The Very Group. TVG is a consumer digital retailer and financial services business; it manufactures no products, holds no export licences, and operates outside all known defence procurement registries including the UK Ministry of Defence supplier base, SIBAT (Israeli defence export authority) listings, and NATO procurement records. This is structurally consistent with TVG’s commercial profile: retail intermediaries do not, as a class, enter direct defence supply relationships.
The sole military-relevant finding is an indirect ownership-layer adjacency through Carlyle Group, confirmed as TVG’s controlling shareholder from approximately November 2025. Carlyle’s October 2022 acquisition of ManTech International for $4.2 billion is confirmed by trade press.9 ManTech’s portfolio includes documented intelligence, surveillance and reconnaissance (ISR) aircraft support programmes — specifically, confirmed task orders for maritime ISR aircraft technology upgrades.22 Carlyle’s 2019 acquisition of StandardAero, an aviation maintenance, repair and overhaul provider, is separately confirmed.5 StandardAero holds documented military engine MRO contracts including predictive maintenance for the USAF B-52/TF33 programme and J85-5 engine delivery for USAF T-38 training aircraft.23 The Israeli Air Force operates F-35I “Adir” aircraft powered by Pratt & Whitney F135 engines, within the same engine family for which StandardAero maintains MRO capabilities.24
These ownership-layer connections are structurally real. They are not, however, TVG operational connections. TVG and ManTech/StandardAero are held in separate Carlyle legal fund vehicles; TVG does not control, manage, direct, or receive revenue from either company’s defence contracts. No verified primary-source document places TVG’s commercial operations in any supply chain relationship with either ManTech or StandardAero, nor with any Israeli defence prime contractor including Elbit Systems, IAI, or Rafael.
A specific claim in prior AI-generated research that ManTech held a contract for UAV facility construction in Israel was sourced to a URL using the domain war.gov — a domain that does not correspond to any US government contract publication. This claim is excluded as resting on a fabricated source. Similarly, claims of a specific StandardAero sub-contract on the IAF F-35I Foreign Military Sale programme cited fabricated URLs and are excluded. The prior AI’s assertion that Carlyle held meaningful equity in Elbit Systems rests on pre-2020 advocacy publications (a Canadian Centre for Teaching Peace web page and a “Hall of Shame” chapter) without corroboration from Carlyle SEC 13-F filings or investor disclosures; this claim is flagged as unverified.
On the question of third-party technology vendors: prior research asserted that TVG uses Riskified and BioCatch in a manner creating defence supply chain exposure. Both claims are assessed under V-DIG where the evidence base is stronger. For V-MIL purposes, no vendor relationship of TVG creates a defence supply chain nexus. Experian’s UK operations (TVG’s confirmed credit bureau partner) are standard commercial financial services practice and carry no military dimension despite Experian’s Israeli R&D centre.
IMI’s Abu Dhabi ownership context — and the broader UAE–Israel normalisation trajectory including confirmed bilateral investment fund announcements — is documented.6 Commentary characterising the UAE as a vector for Israeli defence-economic relationships exists in the regional press.25 However, no document reviewed for this audit establishes a direct military procurement, defence supply chain, or weapons-industry link between IMI’s investment in TVG and any Israeli defence operation. RedBird IMI’s blocked attempt to acquire The Daily Telegraph was assessed on UK national security grounds relating to media ownership, not defence supply; this finding has no V-MIL relevance for TVG.16
The primary counter-argument to a non-zero V-MIL score is that the ownership-layer adjacency through Carlyle to ManTech and StandardAero is too attenuated to register as military involvement by TVG at all. TVG has no operational role in, knowledge of, or revenue from either company’s defence contracts. The separate fund vehicle structure means capital flows generated by TVG do not directly capitalise ManTech’s or StandardAero’s operations. A strict reading of corporate separateness would assign TVG a zero V-MIL score. The scoring decision to assign I=1.50 (incidental band) reflects the structural reality that common general-partner ownership does create fungible capital at the Carlyle GP level — but this argument has material limits and is acknowledged as the weakest basis for any non-zero military finding.
A second evidentiary gap is the inability to verify live Carlyle fund disclosures. The specific fund vehicle(s) holding TVG equity have not been publicly identified; it is therefore unconfirmed whether TVG sits in the same fund vehicle as any defence-sector Carlyle asset. If fund-level segregation is confirmed, the already-marginal V-MIL finding would weaken further.
The most significant specific military claim — a nexus between StandardAero and IAF aircraft sustainment — rests on capability overlap (StandardAero services engine families used by the IAF) rather than a confirmed contract. No primary source places StandardAero on the IAF F-15IA FMS programme or any other named Israeli programme. The Magnitude score (M=1.50) correctly reflects this: no quantifiable Israeli-specific defence volume has been established for any Carlyle portfolio company in a manner traceable to TVG.
For the score to change materially upward, an auditor would need to confirm: (a) that TVG equity sits in a Carlyle fund vehicle co-mingled with a defence-sector asset; (b) that a named Carlyle portfolio company holds a primary or sub-contract on a specific Israeli defence programme; and (c) that the contract volume is material. None of these conditions is currently met by available evidence.
| Entity | Type | Role / Relevance | Evidence Status |
|---|---|---|---|
| The Very Group (TVG) | Corporate subject | No direct military contracts or supply | Confirmed absent |
| The Carlyle Group | Controlling shareholder (~Nov 2025) | Common GP to ManTech and StandardAero; separate fund vehicles | Confirmed |
| ManTech International | Carlyle portfolio company | US defence/ISR services contractor; confirmed task orders for maritime ISR aircraft | Confirmed 922 |
| StandardAero | Carlyle portfolio company (reduced post-IPO) | Military engine MRO; USAF B-52/TF33, T-38 programmes; F135 MRO capability scope | Confirmed 523 |
| IMI (International Media Investments) | TVG stakeholder/lender | Abu Dhabi sovereign-linked; UAE–Israel normalisation context | Confirmed 17 |
| Elbit Systems | Israeli defence prime | Alleged Carlyle equity holding — unverified; no TVG supply chain link | Unverified |
| Israeli Air Force (IAF) | Potential end-user | F-35I “Adir” uses F135 engines within StandardAero’s MRO scope | Indirect/unconfirmed link 24 |
| RedBird IMI | IMI joint venture | Blocked Telegraph acquisition; no direct V-MIL relevance for TVG | Confirmed separate 16 |
| Booz Allen Hamilton | Historical Carlyle holding | 2008 acquisition; fully exited before TVG acquisition | Historical only 2 |
| UK Ministry of Defence | Potential counterparty | No TVG procurement relationship identified | Confirmed absent |
| SIBAT (Israeli defence export authority) | Registry | TVG does not appear in listing | No evidence of listing |
TVG’s most significant Israel-related exposure, and the driver of its composite BDS-1000 score, is the deployment of multiple Israeli-origin cybersecurity tools across its enterprise technology estate. Three vendors are confirmed at varying levels of evidential confidence; two further deployments are probable on the basis of job specification language and trade press.
SentinelOne is explicitly named in TVG’s 2025 Capital Structure and Business Update as providing endpoint detection and response capabilities across the estate.18 SentinelOne was founded in 2013; primary R&D remains in Tel Aviv.26 Endpoint detection and response operates at kernel level — one of the most privileged access positions available to any security vendor within an enterprise environment. This is a confirmed, first-party-evidenced deployment.
Wiz is identified in TVG infrastructure documentation and cloud security engineering role descriptions as an active internal tool.18 Wiz was founded by Assaf Rappaport, Yinon Costica, Roy Reznik, and Ami Luttwak — all Unit 8200 alumni.27 Wiz operates via an agentless API scan, providing full-scope visibility into all cloud workloads, storage configurations, credentials, and access policies. Given TVG’s primary cloud environment is AWS,10 Wiz’s access perimeter spans TVG’s entire AWS-hosted infrastructure. This is a confirmed, first-party-evidenced deployment.
Check Point Software Technologies is indicated by job specifications for infrastructure and solutions architect roles requiring proficiency in “Check Point R8x firewalls.”28 Check Point was founded in 1993; its co-founder Gil Shwed is a Unit 8200 veteran.29 As the network perimeter firewall, Check Point controls all ingress and egress traffic — the chokepoint of enterprise network security. This deployment is probable but rests on job advertisement language rather than a first-party corporate document; ongoing confirmation through a 2025 primary source has not been identified.
Taken together, SentinelOne, Wiz, and Check Point represent Israeli-origin technology coverage across all three principal layers of enterprise security architecture simultaneously: endpoint, cloud posture, and network perimeter. This is not incidental or peripheral use; it constitutes the structural security skeleton of TVG’s digital estate. Where SentinelOne and Wiz are co-deployed — as they appear to be at TVG — a formally announced technical integration between the two vendors enables combined telemetry sharing, creating a shared data environment in which both Israeli-origin vendors can correlate signals across endpoint and cloud domains.30
BioCatch is indicated by job advertisements for Fraud Analyst roles specifying a requirement to “Analyse BioCatch data from all geographies.”31 BioCatch is an Israeli company co-founded by Avi Turgeman, a veteran of Israeli military intelligence.31 BioCatch profiles user behavioural patterns — mouse movement, typing cadence, swipe behaviour, device interaction — during active customer sessions to detect fraud. Given TVG’s approximately 4.3 million active customers,20 this represents a substantial volume of real-time behavioural data processed by an Israeli-origin vendor. Evidence rests on job specification language; no first-party corporate document confirms BioCatch as a named vendor. Ongoing status is probable but not re-confirmed through a 2025 primary source.
NICE CXone is associated with TVG through trade press (a reference in Big Furniture Group Magazine, March 2023) and a Customer Engagement Summit agenda.32 NICE Ltd. was founded in 1986 by seven former Israeli Defence Forces intelligence officers.32 NICE CXone provides voice analytics, sentiment analysis, and call recording across contact centre operations. Confidence is moderate, based on indirect third-party sources rather than corporate disclosure.
The mechanism of involvement in all five cases is commercial procurement: TVG purchases and operates these tools under standard enterprise software licensing arrangements. TVG is a technology consumer, not a technology provider, developer, or investor. The BDS-1000 Customer Cap applies, capping the Impact score at 3.9. TVG does not sell technology to Israeli state or military bodies, does not co-develop products with Israeli defence entities, and does not provide data to Israeli security services. The confirmed vendors’ own relationships with Israeli state and intelligence institutions — Unit 8200 alumnus founders at Wiz and Check Point; IDF intelligence co-founder at BioCatch; IDF intelligence founding team at NICE — are vendor-level histories that contextualise the origin of the technology but do not constitute TVG making military supply.
TVG’s cloud infrastructure dependency on AWS is a further structural consideration. AWS is TVG’s confirmed primary cloud provider, handling what TVG describes as a “massive role in the end-to-end data environment.”10 AWS, alongside Google Cloud, holds the approximately $1.2 billion Project Nimbus contract awarded by the Israeli government in 2021, providing cloud infrastructure to Israeli government ministries and, per reported contract terms, the Israeli military.7 TVG’s AWS relationship does not constitute direct participation in Project Nimbus; TVG’s workloads are hosted in UK and EU AWS regions under standard commercial arrangements. The structural relationship is that TVG’s commercial revenue contributes to AWS’s global revenue base, a portion of which funds Project Nimbus operations. This is an attenuated structural connection rather than an operational or contractual one, and is treated accordingly.
AppsFlyer, an Israeli mobile attribution platform headquartered in Tel Aviv, published a named case study confirming TVG migrated its mobile measurement platform to AppsFlyer.33 This case study is from 2021; no 2022–2025 renewal or continued use has been confirmed by a first-party document. The relationship may be ongoing but recency is unconfirmed.
The most important counter-argument to the V-DIG score is the Customer Cap. TVG is a technology buyer, and the rubric appropriately constrains Impact to 3.9 for entities in this position. The score does not and should not imply that TVG is “providing” security technology to Israel or that its enterprise deployments have any direct relationship to Israeli state, military, or intelligence operations. SentinelOne, Wiz, Check Point, BioCatch, and NICE CXone are commercial products sold to hundreds or thousands of enterprise customers globally; TVG’s procurement of them is structurally identical to the procurement decision of any other large UK retailer.
A second counter-argument concerns the Unit 8200 founder narrative. The founders of Wiz, Check Point, and BioCatch include Unit 8200 veterans; this is confirmed and publicly disclosed by the companies themselves. However, Unit 8200 alumni are prominent across the Israeli technology industry broadly — the alumni network is extensive and many Israeli technology companies of all types have such founding histories. The presence of Unit 8200-alumni founders does not, by itself, establish that the company’s commercial products serve Israeli military functions or that enterprise customers of those products are implicated in Israeli military operations. This context is relevant to understanding the technology ecosystem but should not be overstated as an indicator of direct military supply.
A specific evidentiary limit is the absence of first-party confirmation for Check Point (job specifications only), BioCatch (job specifications only), and NICE CXone (trade press only). If one or more of these deployments were discontinued, the depth-of-integration argument would weaken. The scoring is calibrated with this uncertainty: I=3.5 (rather than 3.9) reflects the gap between confirmed and probable deployments.
The AppsFlyer case study is from 2021 and cannot be confirmed as current without live verification. The Syte (Israeli visual AI) relationship identified in earlier trade press is likely discontinued following TVG’s 2023 pivot to Constructor.io (a US-based company) for product discovery.11 CyberArk’s deployment was assessed and discarded as unverified; Vectra AI’s claimed Israeli origin was not independently corroborated and it is recorded as a US-origin vendor.
For the V-DIG score to change materially, the key variables are: (a) confirmation that Check Point, BioCatch, and NICE CXone deployments are ongoing through 2025–2026 primary sources, which would support a higher Magnitude score; or (b) evidence that any of these tools’ outputs have been shared with or accessed by Israeli state entities in connection with TVG’s estate, which would be a qualitatively different and more serious finding. Neither condition is currently met.
| Entity | Type | Role | Evidence Status |
|---|---|---|---|
| SentinelOne | Israeli-origin vendor (Tel Aviv R&D) | Endpoint detection and response — kernel-level, all managed endpoints | Confirmed, first-party 1826 |
| Wiz | Israeli-origin vendor (Unit 8200 founders) | Cloud security posture management — full AWS estate visibility | Confirmed, first-party 1827 |
| Check Point Software Technologies | Israeli-origin vendor (Unit 8200 founder) | Network perimeter firewall — R8x Infinity architecture | Probable, job specifications 2829 |
| BioCatch | Israeli-origin vendor (IDF intelligence co-founder) | Behavioural biometrics — fraud detection, active customer sessions | Probable, job specifications 31 |
| NICE Ltd. (CXone) | Israeli-origin vendor (IDF intelligence founders) | Contact centre analytics, voice analytics, call recording | Moderate confidence, trade press 32 |
| AppsFlyer | Israeli-origin vendor (Tel Aviv HQ) | Mobile attribution and measurement | Confirmed 2021 case study; recency unconfirmed 33 |
| Syte | Israeli-origin vendor | Visual AI / product discovery | Likely discontinued post-2023 |
| Vectra AI | US-origin vendor | Network detection and response | Confirmed US-origin; not Israeli 34 |
| AWS (Amazon Web Services) | US cloud provider | Primary cloud provider; Project Nimbus contractor | Confirmed 107 |
| Constructor.io | US-origin vendor | AI-powered product discovery (from 2023) | Confirmed 11 |
| KNAPP | Austrian vendor | Skygate fulfilment automation | Confirmed; non-Israeli 21 |
| Publicis Sapient | French-US digital consultancy | “Project Future” digital transformation partner | Confirmed; no Israeli supply chain implication 35 |
| Unit 8200 | IDF intelligence unit | Alumni founded Wiz, Check Point (co-founder), BioCatch (co-founder) | Contextual reference 272931 |
| Kathryn Jones | TVG Chief Customer Officer | AI/data strategy; Very Media Group oversight | Confirmed 36 |
TVG’s direct economic relationship with the Israeli economy operates through two confirmed channels: retail listings for Israeli-headquartered consumer goods brands, and an indirect ownership-layer connection through Carlyle’s separate portfolio activity.
SodaStream products are listed on Very.co.uk under standard third-party retailer arrangements.37 SodaStream is headquartered in Israel and is now a PepsiCo subsidiary following its 2018 acquisition.4 SodaStream’s primary manufacturing has been located at Lehavim in the Negev since the closure of its Mishor Adumim (West Bank) factory in 2015.3 Distribution to UK retailers including TVG is conducted via SodaStream’s UK distribution subsidiary; TVG is not the importer of record and has no direct contractual relationship with the Israeli parent entity. Revenue from TVG’s retail of SodaStream products flows to PepsiCo’s global structure via the UK subsidiary.
Keter Group garden and storage products are listed on Very.co.uk.38 Keter is an Israeli plastics manufacturer confirmed by Who Profits and Corporate Watch documentation as having manufacturing operations at the Barkan Industrial Zone in the West Bank.3940 Distribution to UK retailers operates through Keter’s UK subsidiary. The NGO documentation on Keter’s Barkan operations is primarily from the 2015–2020 period; whether manufacturing at Barkan continues at full operational scale through 2024–2026 has not been confirmed without live access. If Keter goods sold through TVG are manufactured at Barkan and labeled “Made in Israel” rather than “West Bank” or “Israeli settlement,” this would constitute a labeling compliance concern under UK post-Brexit regulations derived from EU Directive 1169/2011. No UK enforcement action specifically against TVG relating to Keter labeling has been identified in public records.
TVG’s Modern Slavery Statements for FY24 and FY25 reference 19 sourcing countries and participation in the Open Supply Hub framework, but neither document addresses Israeli-origin supply chains or settlement industrial zones.41 No stated corporate policy on occupied-territory sourcing has been identified.
The more economically significant Israel-related connection in the ownership ecosystem is Carlyle’s ~$400 million acquisition of LiveU in 2021 through Carlyle Europe Technology Partners IV.8 LiveU is an Israeli live-video transmission technology company headquartered in Kfar Saba. It is not classified as a defence contractor, though cellular-bonding video transmission technology is dual-use capable. LiveU remains a Carlyle portfolio asset as of available evidence. The legal fund vehicle holding TVG equity and that holding LiveU equity are separate Carlyle structures; profit flows from TVG do not flow directly into LiveU. Both assets contribute to aggregate performance metrics managed by Carlyle’s European GP, creating a fund-level ecosystem connection without a direct financial link at the TVG-entity level.
Carlyle also holds or has held a significant stake in StandardAero (see V-MIL). No direct relationship between StandardAero’s contracts and Israeli defence or commercial procurement has been established by available evidence. The NSO Group claim in prior research — that Carlyle “explored acquisitions” of the Israeli surveillance technology company — has not been independently corroborated and is treated as unverified and discarded.
IMI is confirmed as a stakeholder and lender in the post-Carlyle capital structure.17 IMI’s Abu Dhabi sovereign ecosystem (ADMIC, linked to Sheikh Mansour bin Zayed Al Nahyan) operates within the UAE–Israel economic normalisation framework, including the $10 billion bilateral investment fund announced following the Abraham Accords.6 Capital flowing from TVG’s operations to IMI — as interest payments and/or equity distributions — enters an institutional ecosystem that maintains active investment relationships with Israel, though no direct onward transmission of TVG profits to Israeli entities has been identified.
No TVG-owned subsidiary, office, warehouse, or data centre is registered or operating in Israel. Israel is not identified as a customer market in any available TVG financial filing including the Q2 FY25 interim accounts.42 No TVG fund-level holding of Israeli sovereign bonds, Israeli equities, or Israel-focused investment funds has been identified.
The multi-step indirect network relationship through IMI → RedBird IMI JV → RedBird Capital Partners → Azrieli Group (Israel’s largest publicly traded real estate conglomerate) as former co-investors in Compass Datacenters is noted but carries limited weight: the Compass investment has been fully exited (acquired by Brookfield Infrastructure and Ontario Teachers’ Pension Plan), and the chain requires four intermediary steps from TVG to the Israeli entity.43
The primary counter-argument to the V-ECON score is that TVG’s direct economic relationship with Israel is narrow, mediated, and not materially different from that of any large UK retailer that stocks widely available Israeli consumer brands. SodaStream and Keter are distributed through standard UK subsidiary structures to hundreds of UK retailers; TVG’s contribution to either manufacturer’s global or Israeli revenue is not quantified and is structurally modest. TVG is one reseller among many.
A significant evidence limit for Keter specifically is the unconfirmed current status of Barkan manufacturing. If manufacturing has migrated away from the West Bank in recent years, the settlement-goods dimension of the Keter finding would not apply. This gap cannot be resolved without live supply chain verification.
For Ahava (confirmed settlement extraction operations at Mitzpe Shalem) and Premier Dead Sea / -417 brands, the prior research asserted Very.co.uk listings but these could not be independently verified without live web access. If these listings exist and the products are manufactured at or from settlement-located facilities, the settlement-goods exposure would be broader than currently confirmed. These findings require live corroboration before being treated as confirmed.
The Carlyle–LiveU connection is structurally real but is Carlyle’s economic relationship with Israel, not TVG’s. The fund vehicle separation is a meaningful legal and analytical distinction. The score correctly assigns this as an indirect ownership-layer element rather than direct TVG Israeli investment.
BioCatch’s potential deployment (assessed under V-DIG) also has an economic dimension: if confirmed, TVG would be paying licensing fees to an Israeli-founded company for an active production deployment. The primary cited evidence (job listing URL linking to a general search results page) is unverifiable without live access, and this finding is treated as plausible but unconfirmed for ECON scoring purposes.
For the score to change materially, the key conditions would be: (a) confirmation that Keter’s Barkan manufacturing is ongoing and that TVG-stocked Keter products are manufactured there; (b) confirmation of Ahava and Premier Dead Sea as active TVG listings; or (c) evidence that TVG’s capital structure routes profits directly to Israeli-domiciled entities rather than through UK-subsidiary and Carlyle fund intermediation.
| Entity | Type | Role / Relevance | Evidence Status |
|---|---|---|---|
| SodaStream | Israeli-HQ consumer brand (PepsiCo subsidiary) | Confirmed Very.co.uk listing; West Bank manufacturing discontinued 2015 | Confirmed 3734 |
| Keter Group | Israeli manufacturer | Confirmed Very.co.uk listing; Barkan Industrial Zone (West Bank) manufacturing documented; current status unconfirmed | Confirmed listing; settlement manufacturing status requires live verification 383940 |
| Ahava | Israeli cosmetics brand | Settlement extraction at Mitzpe Shalem confirmed; Very.co.uk listing unconfirmed | Listing unconfirmed |
| Premier Dead Sea / -417 | Israeli cosmetics brand | Dead Sea operations in OPT; Very.co.uk listing unconfirmed | Listing unconfirmed |
| Spicers of Hythe | UK hamper brand (Very retailer) | Potential indirect date supply risk; no confirmed Israeli-origin sub-ingredient | Unconfirmed indirect pathway |
| The Carlyle Group | Controlling shareholder | Fund-level GP connection to LiveU (Israeli), StandardAero, ManTech | Confirmed 178 |
| LiveU | Israeli portfolio company (Carlyle CETP IV) | Live-video transmission; ~$400M Carlyle acquisition 2021 | Confirmed 8 |
| IMI (International Media Investments) | Stakeholder/lender | Abu Dhabi sovereign-linked; UAE–Israel normalisation context | Confirmed 17 |
| RedBird Capital Partners | IMI JV partner | Former co-investor in Compass Datacenters with Azrieli Group (exited) | Confirmed (exited) 43 |
| Azrieli Group (TASE: AZRG) | Israeli real estate conglomerate | Former Compass Datacenters co-investor with RedBird (exited) | Confirmed (exited) 43 |
| UAE bilateral investment fund (Israel) | Sovereign fund mechanism | $10bn fund announced post-Abraham Accords; IMI operating context | Confirmed 6 |
| TransUnion UK | US credit reference agency | Confirmed TVG credit risk decisioning partner; non-Israeli | Confirmed; non-Israeli 44 |
| Who Profits Research Center | NGO | Documents Keter Barkan operations and SodaStream history | Source 39 |
| Barkan Industrial Zone | West Bank settlement industrial zone | Keter manufacturing site (status requires current confirmation) | Documented 3940 |
TVG’s political exposure is shaped by two intersecting findings: the appointment of Nadhim Zahawi as Non-Executive Chair and TVG’s stocking of brands that are active BDS campaign targets, against a backdrop of complete corporate silence on the Gaza conflict.
Nadhim Zahawi was appointed Non-Executive Chair of The Very Group in May 2024.14 Zahawi served as a UK Conservative MP for Stratford-on-Avon and held successive Cabinet positions — Economic Secretary to the Treasury, Education Secretary, and Chancellor of the Exchequer (2022) — before appointment as Conservative Party Chairman in October 2022. He was dismissed from the chairmanship by Prime Minister Rishi Sunak in January 2023 following public disclosure of an HMRC settlement over unpaid taxes on YouGov share option gains, with a penalty element implying “careless” behaviour.4546 He is a co-founder, alongside Stephan Shakespeare, of YouGov plc.47 His reported defection to Reform UK in January 2026 is consistent with available training knowledge.46
Zahawi’s association with the Conservative Friends of Israel (CFI) is referenced in parliamentary biographical sources and press coverage of his political career.48 CFI is a longstanding parliamentary lobbying organisation operating within the Conservative Party ecosystem, claiming broad membership among Conservative MPs and organising funded delegations to Israel.48 The specific assertion that Zahawi participated in CFI-funded Israel delegations — which would be disclosed in the Register of Members’ Financial Interests — requires live review of RMFI entries to confirm specific trips, dates, and values. This constitutes a material evidence gap: the associational connection is documented; the specific travel disclosure is unverified.
The governance significance of the Zahawi/CFI connection is assessed as follows. As Non-Executive Chair, Zahawi occupies a board governance role — he sets cultural tone and provides strategic oversight — rather than an executive operational role. His CFI affiliation is personal and pre-dates the TVG appointment; there is no evidence that TVG’s commercial or political decisions are directed by CFI or Israeli state interests. The proximity is real (board level) but indirect (non-executive, personal rather than institutional). The scoring correctly characterises this as a “cultural/personnel link that influences governance culture but not operational decisions.”
TVG’s public silence on the Gaza conflict is a second political finding. TVG’s Annual Reports for FY22 and FY23 explicitly name “the war in Ukraine” as a macroeconomic risk factor, treating it as a named geopolitical event.49 No equivalent named reference to the Gaza conflict, the Israeli occupation, or Palestinian territories has been identified in available Annual Report extracts or corporate communications. TVG’s published ESG and responsibility pages do not reference the conflict, Palestinian territories, or Israel by name.50 This asymmetry is consistent with the posture of many UK retail sector peers but cannot be confirmed as a deliberate TVG-specific editorial choice without primary document review of the FY24 and FY25 Annual Reports.
Stocking of BDS campaign target brands constitutes a third political dimension. TVG stocks SodaStream37 and HP Inc. products.51 SodaStream is an active BDS campaign target, including on grounds relating to alleged displacement of Naqab/Negev Bedouin communities adjacent to the Lehavim facility, as documented by Who Profits.52 HP’s predecessor entity and associated spin-offs have been documented by Who Profits and the BDS Movement in relation to biometric identity management systems at West Bank checkpoints and IT infrastructure supply to Israeli state entities including the Israeli Prison Service.5354 TVG stocks both brands without any disclosed occupied-territory sourcing policy. No formal, dedicated BDS campaign targeting TVG as a principal target has been identified in training knowledge; TVG’s inclusion on social-media-circulated lists of retailers stocking boycotted brands is categorically distinct from a formal organised campaign.
Usdaw, the recognised trade union for TVG’s distribution sector workforce, passed motions at its 2024 Annual Delegate Meeting supporting an immediate ceasefire in Gaza and calling on the UK government to halt arms sales to Israel.55 This is a union-level political position consistent with the broader TUC-affiliated union movement posture. No documented TVG management response, engagement, or internal policy action in response to this position has been identified.
No verifiable corporate lobbying registration, material political donation, or institutional leadership role in geopolitical pressure organisations specifically attributable to TVG as a corporate entity has been identified. No material financial contributions to Israeli parastatal organisations, settlement groups, or military-welfare funds (FIDF, JNF) by TVG have been identified. A prior research memo’s claim that TVG holds membership of the British-Israel Chamber of Commerce is explicitly unverified and no independent corroboration has been found.
The strongest counter-argument to the V-POL score is that TVG has taken no documented corporate political action in relation to the Israel-Palestine conflict. It has not lobbied, donated, passed board resolutions, or created policies that advantage Israeli state interests. The entire political finding rests on: (a) one board-level personal affiliation (Zahawi/CFI) that is unverified at the specific-trips level; (b) stocking of brands that are BDS targets under arrangements identical to many other UK retailers; and (c) the absence of a corporate statement — an absence, not a positive act.
A key evidence limit is the unverified status of Zahawi’s specific CFI-funded delegation travel. The associational connection to CFI is documented; whether he took funded trips to Israel that were disclosed in the Register of Members’ Financial Interests — and whether this can be attributed any governance significance for TVG — requires live RMFI review. Without this confirmation, the CFI connection is a documented political affiliation, not a confirmed funded lobbying relationship.
A further limit is that Zahawi’s reported defection to Reform UK in January 2026 potentially changes the political alignment context. Reform UK’s public positioning on Israel/Palestine, including Nigel Farage’s documented contacts with Israeli Foreign Minister Gideon Sa’ar, is relevant contextual information, but Zahawi’s new party affiliation does not constitute new TVG corporate political activity.
The asymmetry in Annual Report geopolitical naming (Ukraine named; Gaza not named) is a plausible finding but cannot be confirmed as deliberate without primary document access to FY24 and FY25 filings. It may reflect standard risk-factor drafting conventions rather than a politically motivated editorial choice.
For the V-POL score to change materially upward, an auditor would need to confirm: (a) that Zahawi’s CFI-funded delegation travel is documented in the RMFI and post-dates his TVG appointment; (b) that TVG has taken affirmative corporate political steps (lobbying, financial contributions, shareholder accountability suppression) in relation to the conflict; or (c) that TVG has articulated and enforced policies that specifically advantage Israeli state economic interests over Palestinian concerns.
| Entity | Type | Role / Relevance | Evidence Status |
|---|---|---|---|
| Nadhim Zahawi | TVG Non-Executive Chair (from May 2024) | Former UK Chancellor; CFI association; HMRC settlement; defected to Reform UK Jan 2026 | Confirmed appointment 14; CFI association documented 48; trips unverified |
| Conservative Friends of Israel (CFI) | Parliamentary lobbying organisation | Zahawi personal association; organises funded Israel delegations | Confirmed associational connection 48 |
| YouGov plc | LSE-listed polling company | Co-founded by Zahawi and Stephan Shakespeare | Confirmed 47 |
| Stephan Shakespeare | YouGov co-founder | Business associate of Zahawi; CFI-adjacent affiliations noted in press | Contextual reference |
| Reform UK | Political party | Zahawi’s party following Jan 2026 defection; Farage contacts with Israeli FM documented | Confirmed 46 |
| Usdaw | Trade union | Recognised union for TVG distribution workers; passed 2024 ceasefire and arms-embargo motions | Confirmed 55 |
| SodaStream | Consumer brand | Active BDS target; stocked by TVG; contested post-relocation on Bedouin displacement grounds | Confirmed 3752 |
| HP Inc. | Consumer technology brand | Active BDS target for checkpoint biometric IT and Prison Service supply; stocked by TVG | Confirmed 515354 |
| Who Profits Research Center | NGO | Documents SodaStream, Keter, HP, Ahava occupation connections | Source 5253 |
| BDS Movement | Campaign organisation | Maintains HP and SodaStream as named boycott targets | Source 54 |
| Coram Beanstalk | UK children’s literacy charity | TVG’s primary identified charitable partnership; domestic UK | Confirmed; no political dimension 50 |
| British-Israel Chamber of Commerce (B-ICC) | Trade body | TVG membership claimed in prior research memo — unverified | Unverified |
The single most important cross-domain counter-argument is that TVG is a downstream consumer of Israeli-origin commercial products and technology, not an upstream provider of capabilities to Israeli state, military, or settlement entities. The BDS-1000 framework’s Customer Cap correctly reflects this asymmetry. In every domain, TVG’s relationship with Israel is mediated: through UK subsidiary importers for consumer goods; through standard enterprise software licensing for technology; through fund-level intermediation for ownership-layer connections; and through a single non-executive personal political affiliation for governance.
A cross-domain evidentiary limit is the 2025 Carlyle acquisition. The acquisition changed TVG’s ownership structure in a way that creates new indirect connections (ManTech, StandardAero, LiveU) but these are not yet reflected in any TVG operational change documented by primary sources. Whether Carlyle’s ownership will result in strategic or procurement changes — including toward Carlyle-preferred vendors or defence-adjacent technology partnerships — is an open question that cannot be answered from available evidence.
The AWS/Project Nimbus structural relationship creates a cross-domain thread: TVG’s cloud infrastructure dependency (V-DIG) generates commercial revenue for an entity simultaneously contracting with the Israeli military (V-ECON dimension). This does not change any domain score but is analytically relevant as a structural connection that spans both digital and economic domains.
The IMI ownership connection creates a second cross-domain thread, running from V-ECON (IMI as stakeholder/lender; UAE–Israel normalisation context) through V-POL (IMI’s context in the framework of UK media ownership concerns and RedBird IMI’s blocked Telegraph acquisition). Neither connection generates direct evidence of TVG’s complicity in Israeli military or settlement operations, but they form part of the broader institutional context.
| Entity | Category | Domains | Evidence Status |
|---|---|---|---|
| The Very Group (TVG) | Corporate subject | All | Confirmed 1450 |
| The Carlyle Group | Controlling shareholder | MIL, ECON, POL | Confirmed 17 |
| International Media Investments (IMI) | Stakeholder/lender | MIL, ECON, POL | Confirmed 17 |
| ManTech International | Carlyle portfolio company | MIL | Confirmed 922 |
| StandardAero | Carlyle portfolio company | MIL | Confirmed 5 |
| LiveU | Carlyle portfolio company (Israeli) | ECON | Confirmed 8 |
| SentinelOne | Israeli-origin technology vendor | DIG | Confirmed, first-party 1826 |
| Wiz | Israeli-origin technology vendor | DIG | Confirmed, first-party 1827 |
| Check Point Software Technologies | Israeli-origin technology vendor | DIG | Probable 2829 |
| BioCatch | Israeli-origin technology vendor | DIG, ECON | Probable 31 |
| NICE Ltd. (CXone) | Israeli-origin technology vendor | DIG | Moderate confidence 32 |
| AppsFlyer | Israeli-origin technology vendor | DIG | Confirmed 2021; recency unconfirmed 33 |
| AWS | US cloud provider / Project Nimbus contractor | DIG, ECON | Confirmed 107 |
| SodaStream | Israeli consumer brand | ECON, POL | Confirmed 37 |
| Keter Group | Israeli manufacturer (West Bank operations) | ECON | Confirmed listing; settlement status unconfirmed current 3839 |
| Nadhim Zahawi | Non-Executive Chair | POL | Confirmed 14 |
| Conservative Friends of Israel (CFI) | Political lobbying body | POL | Associational connection documented 48 |
| Usdaw | Trade union | POL | Confirmed 55 |
| RedBird IMI | IMI joint venture | MIL, ECON, POL | Confirmed 16 |
| Azrieli Group | Israeli REIT (former indirect connection) | ECON | Confirmed exited 43 |
| Unit 8200 (IDF) | Israeli intelligence unit | DIG | Contextual — founders of Wiz, Check Point, BioCatch 272931 |
| Who Profits Research Center | NGO | ECON, POL | Source 3952 |
| BDS Movement | Campaign organisation | POL | Source 54 |
| Domain | I | M | P | V-Score |
|---|---|---|---|---|
| V-MIL | 1.50 | 1.50 | 3.50 | 0.16 |
| V-DIG | 3.50 | 4.50 | 9.00 | 2.25 |
| V-ECON | 3.50 | 3.50 | 5.50 | 1.38 |
| V-POL | 4.00 | 3.50 | 5.50 | 1.57 |
BRS (composite score): 180 — Tier E (0–199)
V-DIG is the lead domain (V-MAX = 2.25). The composite formula weights the lead domain at full value and other domains at 20%: BRS = ((2.25 + (0.16 + 1.38 + 1.57) × 0.2) / 16) × 1000 = ((2.25 + 0.622) / 16) × 1000 ≈ 180.
The V-MIL incidental score (0.16) reflects structurally real but highly attenuated ownership-layer adjacency to defence-industrial activity through Carlyle; no direct TVG defence supply has been identified and specific Israeli-nexus claims within that adjacency are unverified. The V-DIG score (2.25) is the ceiling for a confirmed multi-layer Israeli-origin security technology deployment by a technology buyer; the Customer Cap is correctly applied and prevents the score from reflecting a provision relationship that does not exist. The V-ECON score (1.38) reflects confirmed but modest and mediated transactional retail of Israeli-origin consumer brands without capital investment in Israel. The V-POL score (1.57) reflects one governance-level personal political affiliation (Zahawi/CFI), recurring stocking of active BDS target brands, and corporate silence on the Gaza conflict — without any documented institutional corporate political activity.
High confidence: SentinelOne and Wiz confirmed deployments (first-party); Carlyle controlling ownership (confirmed trade press and company announcement); ManTech and StandardAero as Carlyle portfolio companies (confirmed); Nadhim Zahawi’s Non-Executive Chair appointment (confirmed); SodaStream and Keter retail listings on Very.co.uk (confirmed); LiveU as Carlyle CETP IV portfolio company (confirmed); SodaStream West Bank manufacturing discontinued 2015 (confirmed).
Moderate confidence: Check Point perimeter firewall deployment (job specification language, not first-party); BioCatch behavioural biometrics deployment (job specification language, not first-party); NICE CXone contact centre analytics (trade press, not first-party); Zahawi’s CFI association (parliamentary sources, specific funded trips unverified); Keter’s Barkan manufacturing active status (NGO documentation primarily 2015–2020, current status unconfirmed).
Low confidence / open questions:
– Whether Keter’s Barkan (West Bank) manufacturing is ongoing at full operational scale through 2024–2026
– Whether Ahava and Premier Dead Sea / -417 products are currently listed on Very.co.uk
– Whether Zahawi participated in CFI-funded Israel delegation travel post-TVG appointment (requires live RMFI review)
– The specific Carlyle fund vehicle holding TVG equity and whether it is co-mingled with any Israeli-connected Carlyle asset
– Whether AppsFlyer remains an active TVG vendor post-2021
– The precise post-transaction equity versus debt position of IMI in TVG’s capital structure
– Whether Carlyle’s ownership has generated any changes to TVG’s technology procurement strategy
– Current Carlyle post-IPO ownership percentage in StandardAero
Fabricated/excluded claims: Multiple specific claims from prior AI-generated research have been excluded as resting on fabricated war.gov source URLs, including: the ManTech UAV facility construction claim in Israel; the StandardAero IAF FMS sub-contract claim; specific CFIUS advisory claims regarding Carlyle/Elbit. These exclusions are material to the score: had any been verifiable, the V-MIL score would have been substantially higher.
Verify Carlyle fund vehicle structure before publishing or acting on V-MIL findings. The key question is whether TVG’s equity sits in the same Carlyle fund vehicle as any defence-sector asset. A confirmed fund co-mingling finding would increase the V-MIL Magnitude score and could alter the tier assessment.
Commission live Keter supply chain verification (V-ECON, moderate confidence finding). If Keter goods stocked by TVG are currently manufactured at Barkan Industrial Zone and labeled “Made in Israel,” there is a UK HMRC/DEFRA labeling compliance question that TVG’s legal team should assess under the post-Brexit settlement-origin labeling regulations. This is the most actionable near-term compliance question identified by the ECON audit.
Verify Ahava and Premier Dead Sea listings via live web access before including them in any published account of TVG’s settlement-goods retail exposure. These listings could not be confirmed without live access; including them as confirmed findings would risk factual inaccuracy.
Review RMFI for Zahawi’s CFI-funded delegation travel (V-POL, moderate confidence finding). The Register of Members’ Financial Interests is a public document; confirming or denying specific CFI-funded trips would either consolidate or substantially weaken the CFI governance-level finding.
Monitor Carlyle-driven technology procurement changes going forward. Carlyle’s acquisition is approximately six months old as of this audit. If future TVG technology procurement announcements reflect a pattern of engagement with Carlyle-affiliated defence-adjacent technology vendors, this would be material to V-DIG reassessment.
Do not overstate the V-DIG finding. The confirmed multi-layer Israeli-origin security stack is the single most evidentially robust finding in this dossier. However, TVG is a technology buyer operating standard enterprise security tooling under commercial licensing arrangements. Characterising this as “providing technology to Israeli military operations” or similar would be factually inaccurate and unsupported by the audit evidence. The correct characterisation is: TVG is a significant commercial customer of Israeli-origin cybersecurity technology whose founders include IDF intelligence alumni.
Reassess at next annual report cycle. TVG’s FY25 Annual Report (expected mid-2026) will be the first full-year report under Carlyle ownership and should be reviewed for: (a) any named geopolitical risk factors referencing the Gaza conflict; (b) any changes to disclosed technology vendors; (c) any disclosure of Israeli-origin supply chain relationships; and (d) any change in Zahawi’s governance role following his Reform UK defection.
Wikipedia — The Very Group — https://en.wikipedia.org/wiki/The_Very_Group ↩↩
Private Equity International — Carlyle acquires Booz Allen government consulting — https://www.privateequityinternational.com/carlyle-buys-booz-allen-government-consulting-for-2-5bn/ ↩↩
The Guardian — SodaStream closes West Bank factory — https://www.theguardian.com/world/2015/aug/28/sodastream-closes-west-bank-factory ↩↩↩
Wikipedia — SodaStream — https://en.wikipedia.org/wiki/SodaStream ↩↩↩
Airport Technology — Carlyle Group and StandardAero — https://www.airport-technology.com/news/carlyle-group-considering-10bn-sale-standardaero/ ↩↩↩↩↩
UAE Ministry of Foreign Affairs — UAE $10 billion investment fund for Israel — https://www.mofa.gov.ae/en/missions/tel-aviv/media-hub/embassy-news/uae-announces-$10-billion-fund-for-investments-in-israel ↩↩↩↩
The Guardian — Google and Amazon Israel government cloud contract (Project Nimbus) — https://www.theguardian.com/technology/2021/may/10/google-amazon-israel-government-cloud-contract ↩↩↩↩
Calcalist Tech — Carlyle acquires LiveU — https://www.calcalistech.com/ctech/articles/0,7340,L-3912782,00.html ↩↩↩↩↩
Army Technology — Carlyle acquires ManTech — https://www.army-technology.com/news/carlyle-acquire-mantech/ ↩↩↩↩
The Very Group — AWS partnership announcement — https://www.theverygroup.com/media/news/2023/the-very-group-selects-aws-to-transform-the-shopping-experience-with-generative-ai/ ↩↩↩↩↩
The Very Group — Constructor.io partnership announcement — https://www.theverygroup.com/media/news/2023/very-to-transform-product-discovery-experience-with-ai-and-machine-learning/ ↩↩↩
K2 Partners — Carlyle £2.5bn takeover of Very Group — https://www.k2-partners.com/insights/carlyles-25-billion-takeover-of-very-group-signals-end-of-barclay-dynasty-in-british-retail ↩↩
The Guardian — AWS and Google workers protest Project Nimbus — https://www.theguardian.com/technology/2024/apr/16/google-amazon-workers-protest-project-nimbus-israel ↩
The Very Group — About Us — https://www.theverygroup.com/about-us/ ↩↩↩↩↩↩
The Very Group — Very Media Group launch — https://www.theverygroup.com/media/news/2024/the-very-group-launches-very-media-group-to-bring-its-unrivalled-dataset-and-creative-capabilities-to-200-brands/ ↩
Wikipedia — RedBird Capital Partners — https://en.wikipedia.org/wiki/RedBird_Capital_Partners ↩↩↩↩
The Very Group — New ownership announcement — https://www.theverygroup.com/media/news/2025/the-very-group-announces-new-ownership-and-strengthened-capital-base-to-support-future-growth/ ↩↩↩↩↩↩↩↩
The Very Group — Capital Structure and Business Update 2025 — https://www.theverygroup.com/files/Results/2025/Capital-Structure-Business-Update.pdf ↩↩↩↩↩↩↩
BBC News — Nadhim Zahawi political coverage — https://www.bbc.co.uk/news/uk-politics-64392080 ↩
The Very Group — Annual Report and Financial Statements 2023–2024 — https://www.theverygroup.com/files/Results/2024/Annual-Report-and-Financial-Statements-2023-2024.pdf ↩↩
KNAPP — The Very Group fulfilment facility — https://www.knapp.com/en/newsroom/press/the-very-groups-automated-fulfilment-facility/ ↩↩
GovConWire — ManTech USAF maritime ISR task orders — https://www.govconwire.com/articles/mantech-gets-116m-in-usaf-task-orders-for-maritime-isr-aircraft-tech-upgrades-kevin-phillips-comments ↩↩↩
StandardAero — USAF B-52 predictive maintenance contract — https://standardaero.com/standardaero-wins-cloud-based-predictive-engine-maintenance-contract-to-support-the-usafs-b-52-aircraft-and-tf33-engine-program/ ↩↩
Wikipedia — F-35 Israeli procurement — https://en.wikipedia.org/wiki/Lockheed_Martin_F-35_Lightning_II_Israeli_procurement ↩↩
Middle East Monitor — UAE–Israel normalisation commentary — https://www.middleeastmonitor.com/20260123-uae-is-israels-zionist-trojan-horse-in-the-arab-world-warns-saudi-academic/ ↩
SentinelOne — Company information — https://www.sentinelone.com/company/ ↩↩↩
BankInfoSecurity — The Very Group digital security journey case study — https://www.bankinfosecurity.com/whitepapers/case-study-very-groups-digital-security-journey-w-7458 ↩↩↩
Check Point Software — About us — https://www.checkpoint.com/about-us/ ↩↩↩↩↩
SentinelOne — SentinelOne–Wiz integration announcement — https://www.sentinelone.com/press/sentinelone-supercharges-cloud-security-with-enhanced-wiz-integration/ ↩
BioCatch — Company information — https://www.biocatch.com/company ↩↩↩↩↩↩
NICE — About NICE — https://www.nice.com/company/about-nice ↩↩↩↩
AppsFlyer — The Very Group customer page — https://www.appsflyer.com/customers/the-very-group/ ↩↩↩
Vectra AI — About — https://www.vectra.ai/company/about ↩
Publicis Sapient — Partner in transformation — https://www.publicissapient.com/partner-in-transformation ↩
The Very Group — Digital customer experience with Kathryn Jones — https://www.theverygroup.com/media/news/2024/digital-customer-experience-download-with-kathryn-jones/ ↩
Very.co.uk — SodaStream brand page — https://www.very.co.uk/browse/brand–sodastream ↩↩↩↩↩
Very.co.uk — Keter brand page — https://www.very.co.uk/browse/brand–keter ↩↩↩
Who Profits — Keter Group entry — https://www.whoprofits.org/companies/company/3155 ↩↩↩↩↩↩
Corporate Watch — Palestine report (includes Keter/Barkan documentation) — https://corporatewatch.org/wp-content/uploads/2017/09/Palestine_CW_report.pdf ↩↩↩
The Very Group — Modern Slavery Statement FY25 — https://www.theverygroup.com/files/Sustainability/the-very-group-modern-slavery-statement-fy25.pdf ↩
The Very Group — Q2 FY25 Accounts — https://www.theverygroup.com/files/Results/2025/Q2-FY25-Accounts.pdf ↩
McCarthy Tétrault — Brookfield/Ontario Teachers acquire Compass Datacenters from RedBird and Azrieli — https://www.mccarthy.ca/en/experience/brookfield-infrastructure-and-ontario-teachers-pension-plan-acquires-compass-datacenters-from-redbird-capital-partners-and-azrieli-group ↩↩↩↩
TransUnion UK — The Very Group case study — https://www.transunion.co.uk/case-study/the-very-group ↩
The Guardian — Nadhim Zahawi HMRC settlement — https://www.theguardian.com/politics/2023/jan/23/nadhim-zahawi-faces-questions-over-hmrc-settlement ↩
BBC News — Nadhim Zahawi UK politics coverage — https://www.bbc.co.uk/news/uk-politics-64392080 ↩↩↩
Conservative Friends of Israel — About CFI — https://www.cfoi.co.uk/about/ ↩↩↩↩↩
Companies House — The Very Group filing history — https://find-and-update.company-information.service.gov.uk/company/04554253/filing-history ↩
The Very Group — Responsibility page — https://www.theverygroup.com/responsibility/ ↩↩↩
Very.co.uk — HP laptops brand page — https://www.very.co.uk/technology/laptops/hp/e/b/13421.end ↩↩
Who Profits — SodaStream entry — https://www.whoprofits.org/companies/company/4519 ↩↩↩↩
Who Profits — HP entry — https://www.whoprofits.org/companies/company/3200 ↩↩↩
BDS Movement — HP campaign page — https://bdsmovement.net/HP ↩↩↩↩
Middle East Council — Five years on: UAE–Israel normalisation — https://mecouncil.org/blog_posts/five-years-on-uae-israel-normalization-weathers-the-gaza-storm/ ↩↩↩
