Very Economic Audit

1. Executive Intelligence Summary

1.1 Report Scope and Objective

This forensic audit was commissioned to map the economic footprint of The Very Group (trading primarily as Very.co.uk and Littlewoods.com) to determine the extent of its Economic Complicity regarding the State of Israel, the occupation of Palestinian territories, and associated systems of apartheid, surveillance, or militarization. The investigation focuses on the transition of ownership that occurred in late 2025, which fundamentally altered the target’s capital flow dynamics. While historically a family-owned asset of the Barclay family, The Very Group is now controlled by US private equity giant The Carlyle Group, with continued significant equity held by Abu Dhabi-based International Media Investments (IMI). This shift moves the target from a closed private loop into a globalized private equity portfolio with direct and documented holdings in the Israeli defense, technology, and industrial sectors.

1.2 Key Findings

The audit identifies High Proximity to the target areas of concern, driven primarily by the new ownership structure and operational technology dependencies. The assessment is based on the following verified intelligence:

1. Capital Nexus (The Carlyle Group): The new controlling owner, The Carlyle Group, maintains an active investment portfolio in Israel, including the full ownership of LiveU (live video streaming technology often used in surveillance/defense contexts) and historical ties to defense contractors. Profits generated by The Very Group now ostensibly contribute to the liquidity of a fund structure that actively capitalizes Israeli technology firms.¹
2. Operational Complicity (Cyber-Surveillance Integration): Forensic review of technical hiring requirements and vendor associations indicates The Very Group utilizes BioCatch, a behavioral biometrics platform founded by Israeli military intelligence veterans (Unit 8200). This integrates “combat-proven” surveillance technology directly into the UK consumer credit infrastructure.³
3. Retail Supply Chain (Settlement Goods): While The Very Group operates a “non-food” model, preventing large-scale sourcing from agricultural aggregators like Mehadrin, it retails high-risk Israeli consumer brands including SodaStream (manufacturing history in occupied zones), Keter (plastics), and Dead Sea cosmetic brands (Ahava, Premier Dead Sea), which rely on resource extraction from occupied territories.⁴
4. Indirect Capital Links (IMI/RedBird): Minority stakeholder IMI is engaged in a Joint Venture (RedBird IMI) with RedBird Capital. RedBird Capital has a documented co-investment history with the Azrieli Group, one of Israel’s largest real estate developers known for settlement construction and commercial projects on occupied land.⁷

2. Corporate Governance and Capital Flow Analysis

2.1 The 2025 Ownership Transformation: A Structural Shift in Complicity

As of November 2025, the governance structure of The Very Group underwent a radical transformation, ending two decades of control by the Barclay family. This event is the primary driver of the target’s increased risk rating regarding capital complicity. The transition from a family-owned asset to a portfolio company of a major global private equity firm fundamentally changes the nature of the “Investment Flows” intelligence requirement.

2.1.1 The Carlyle Group (Controlling Shareholder)

The Carlyle Group, a US-based global investment firm with $426 billion in assets under management (AUM) ⁸, exercised “step-in rights” to convert existing debt into equity, effectively seizing control of the retailer.¹ Carlyle previously extended a £125 million debt package to the group. The conversion of this debt, alongside a fresh injection of “several hundred million pounds” ¹, establishes Carlyle as the ultimate beneficiary of The Very Group’s operating profits.

The mechanism of this takeover—a debt-for-equity swap—places The Very Group directly into the asset base of Carlyle’s global funds. Unlike the previous owners, whose capital flows were relatively insular, Carlyle operates a diversified global portfolio where liquidity is fungible. Profits generated by UK consumer spending at Very.co.uk now strengthen the balance sheet of a parent company that actively invests in, acquires, and capitalizes Israeli technology and defense firms. This creates a direct upstream flow of capital from UK retail consumers to a PE firm with “Strategic FDI” in Israel.

2.1.2 International Media Investments (IMI) (Key Stakeholder)

IMI, an Abu Dhabi-based investment vehicle, remains a key stakeholder and lender following the takeover.¹ IMI is a subsidiary of the Abu Dhabi Media Investment Corporation (ADMIC), controlled by Sheikh Mansour bin Zayed Al Nahyan.¹⁰ The continued presence of IMI in the capital structure is significant in the context of the Abraham Accords and the normalization of economic ties between the UAE and Israel.

IMI operates a high-profile Joint Venture, RedBird IMI, with US private equity firm RedBird Capital Partners.¹⁰ This creates a secondary, indirect nexus to the Israeli economy through RedBird Capital’s co-investment activities. Specifically, RedBird Capital Partners has a documented partnership with the Azrieli Group (TASE: AZRG). In 2019, the Azrieli Group invested significantly alongside RedBird in Compass Datacenters.⁷ The Azrieli Group is a cornerstone of the Israeli settlement economy, involved in developing commercial centers and real estate projects that entrench the occupation. While IMI’s stake in Very is distinct from RedBird’s stake in Compass, the capital network connects The Very Group’s minority owner to the same investment ecosystem as the Azrieli Group.

2.2 Direct Foreign Direct Investment (FDI) in Israel by Parent Company

The core intelligence requirement regarding “Investment Flows” necessitates a deep examination of The Carlyle Group’s portfolio. Unlike a passive index fund, Carlyle engages in active management and buyout of Israeli firms, establishing a high-risk profile for Economic Complicity.

2.2.1 LiveU (Israel): A Case Study in Dual-Use Technology

In 2021, The Carlyle Group acquired LiveU, an Israeli firm based in Kfar Saba, for approximately $400 million.² LiveU provides live video streaming solutions using cellular bonding technology. While primarily marketed to broadcasters (CNN, BBC, Sky News), this technology is inherently “dual-use,” with significant applications in mobile surveillance, border control, and police operations.

The acquisition was executed through Carlyle Europe Technology Partners (CETP) IV, a fund that invests in middle-market technology-focused opportunities.¹³ As a portfolio company under the same ultimate parent (Carlyle), The Very Group and LiveU are economically linked. Success in the UK retail market (Very) theoretically contributes to the performance metrics of Carlyle’s broader portfolio, validating the firm’s strategy of acquiring Israeli technology assets. The capital generated by The Very Group aids in stabilizing the fund structures that hold assets like LiveU.

2.2.2 Historical and Sector Context: Defense and Intelligence

Carlyle has a deep history of investment in the defense and aerospace sectors, industries that often interface with the Israeli military-industrial complex. For instance, Carlyle holds significant stakes in StandardAero ¹⁴, a provider of aviation maintenance services which services military platforms. Furthermore, reports indicate that Carlyle has previously explored acquisitions of Israeli cyber-intelligence firms, including the controversial NSO Group, although the firm eventually did not proceed with a direct acquisition in that specific instance.¹⁵

The “Strategic FDI” risk is therefore categorized as Confirmed. The parent company (Carlyle) holds 100% ownership of a major Israeli technology firm (LiveU) and maintains an active interest in the region’s technology sector. This distinguishes the relationship from “Sustained Trade” (buying products) to “Strategic FDI” (owning the means of production).

2.3 The Abraham Accords Nexus: UAE Capital and Israeli Normalization

The role of IMI (Abu Dhabi) as a key stakeholder cannot be decoupled from the geopolitical context of the Abraham Accords. Following the normalization of relations between the UAE and Israel in 2020, there has been a surge in bilateral trade and investment. The UAE established a $10 billion fund for investments in strategic sectors in Israel.¹⁶

IMI, as a state-linked investment vehicle, operates within this policy framework. While there is no evidence of IMI directly using Very Group assets to fund Israeli projects, the broader strategy of UAE state capital—of which IMI is a component—is to deepen economic integration with Israel. The “Investment Flows” requirement must account for this geopolitical layer: The Very Group is now partially owned by capital originating from a jurisdiction (Abu Dhabi) that is actively accelerating its economic ties with Israel.¹⁷

3. Operational Complicity: The Technology Stack

A critical and often overlooked vector of economic complicity is the “Operational Tech Stack”—the software and services a retailer purchases to function. Forensic analysis of job listings, case studies, and partner announcements reveals The Very Group utilizes Israeli cyber-intelligence technologies to manage its credit and fraud operations. This constitutes a direct revenue stream from the UK retailer to Israeli technology firms, often those with deep ties to the military and intelligence establishment.

3.1 BioCatch: The Militarization of Consumer Behavioral Analysis

BioCatch represents the most significant finding in the operational complicity audit. Founded in Tel Aviv, BioCatch is a behavioral biometrics platform that monitors user behavior to detect fraud.¹⁹

• Military Intelligence Origins: BioCatch was founded by Avi Turgeman, who served in the IDF’s Unit 8200 (Signal Intelligence). The technology is derived from military-grade surveillance heuristics designed to identify “hostile” actors based on their digital footprint.¹⁹
• Mechanism of Surveillance: The software records and analyzes thousands of parameters of user interaction: mouse trajectory, typing cadence, gyroscope usage on mobile devices, and hesitation patterns. This data is used to build a “behavioral profile” of every customer.
• Evidence of Use by The Very Group: A forensic review of recruitment data identified a vacancy for a “Fraud Detection Analyst” at The Very Group Limited. The role explicitly requires the candidate to “Analyze BioCatch data on a global and regional level”.³ Furthermore, third-party revenue reports confirm “The Very Group” as a client of BioCatch.²⁰
• Complicity Assessment: This is a direct procurement relationship. The Very Group pays license fees to BioCatch, directly funding a company deeply embedded in Israel’s military-industrial complex. The technology itself acts as a form of mass surveillance applied to UK consumer credit applicants, normalizing the use of military-grade intelligence tools in civilian commerce.

3.2 Riskified: The AI Fraud Prevention Layer

Riskified is another Tel Aviv-founded company (NYSE: RSKD) that provides AI-driven fraud detection services. It maintains significant R&D operations in Israel.²¹

• Function: Riskified uses machine learning to approve or decline e-commerce transactions in real-time. It assumes the liability for fraud, meaning it takes a deep financial interest in the transaction flow of its clients.
• Evidence of Association: While a direct case study for Very is not as explicitly publicized as BioCatch, The Very Group is listed in data aggregations of companies using Riskified’s partner networks.²² Given Very’s business model—high-volume digital retail combined with credit—the use of Riskified (or a similar Israeli competitor like Forter) is standard industry practice for this risk profile.
• Contract Value: Riskified’s contracts with large enterprise merchants (like Very, with £2bn+ revenue) are substantial. Snippets indicate Riskified secures contracts with annual values exceeding $1-2 million for large merchants.²³ If confirmed, this represents a significant annual capital outflow from Very to the Israeli tech sector.

3.3 The “Glassbox” Disambiguation: A Forensic Note

During the audit, references to “glassbox” appeared in relation to The Very Group. It is crucial to distinguish between Glassbox the company (an Israeli digital experience analytics firm, TASE: GLBX) and “glass box” as an architectural concept.

• The Evidence: Paul Hornby, Digital Customer Experience Director at The Very Group, gave a testimonial for Constructor, a search platform. He stated that Constructor is “built on true glassbox AI”.²⁴
• Analysis: In this specific context, “glassbox AI” refers to “transparent AI” (explainable algorithms), as opposed to “black box AI” (opaque algorithms). It does not confirm a contract with Glassbox Ltd.
• Conclusion: While Glassbox Ltd. serves many UK banks and retailers ²⁶, the current evidence for its use by The Very Group is linguistically ambiguous. For the purpose of this audit, we categorize the Glassbox link as Unconfirmed/False Positive pending further evidence, ensuring the integrity of the risk mapping is based only on verified data (like BioCatch).

3.4 Granulate (Intel/Israel)

The audit also suggests potential exposure to Granulate, an Israeli workload optimization startup acquired by Intel for $650 million.²⁷ Granulate optimizes server performance for large e-commerce platforms. While direct evidence of Very using Granulate is not in the snippets, the heavy reliance on Intel infrastructure and cloud optimization strategies in the retail sector makes this a vector for future investigation. The acquisition by Intel integrates Israeli tech into the standard hardware stack used by companies like Very.

4. Supply Chain Audit: Consumer Goods and Settlement Laundering

The Very Group acts as a “pureplay digital retailer” with a significant focus on “Home,” “Fashion,” and “Electricals.” Unlike grocery chains (e.g., Tesco, Sainsbury’s), it does not rely on fresh produce aggregators (Agrexco, Mehadrin) for its core revenue. Therefore, the risk of “Aggregator Nexus” complicity regarding fresh produce is Low. However, the risk of retailing Manufactured Settlement Goods is High.

4.1 The Aggregator Nexus (Fresh Produce)

• Findings: The “VeryGreen Grocer” ²⁸ is an unrelated independent entity operating locally in London. The Very Group does not sell fresh fruit, vegetables, or perishables.
• Conclusion: There is no evidence of sourcing Medjool dates, avocados, or citrus directly from Israeli agricultural exporters like Mehadrin or Hadiklaim. The “Aggregator Nexus” requirement yields a negative result for direct sourcing.

4.2 Manufactured Goods: High-Risk Brands

Despite the lack of fresh produce, The Very Group retails several high-risk consumer brands that serve as pillars of the Israeli export economy.

4.2.1 SodaStream

• Catalog Presence: Very.co.uk stocks a wide range of SodaStream machines (Terra, Art), gas cylinders, and flavor syrups.⁴
• Complicity Indicator: SodaStream (now owned by PepsiCo) is a brand deeply entangled with the history of the occupation. It operated its main factory in the Mishor Adumim industrial zone, an illegal West Bank settlement, for years. Following BDS pressure, it relocated to Lehavim (Idan HaNegev).
• Current Risk: The new facility is situated in the Naqab (Negev). The development of this industrial zone has been linked to the displacement of Bedouin communities, specifically the unrecognized villages in the area. By continuing to stock SodaStream, The Very Group normalizes a brand synonymous with the displacement mechanics of the Israeli state, whether in the West Bank (historically) or the Naqab (currently).

4.2.2 Keter (Keter Group)

• Catalog Presence: Very.co.uk and Littlewoods.com retail Keter garden storage units (e.g., “Store It Out,” “Manor Sheds”).⁵
• Complicity Indicator: Keter is a massive Israeli manufacturer of resin-based consumer goods. While majority-owned by BC Partners since 2016, the company retains significant manufacturing and R&D operations in Israel.
• Settlement Laundering Risk: Keter has historically operated factories in the Barkan Industrial Zone, one of the largest illegal settlements in the West Bank. Sourcing Keter products carries a high risk of “Settlement Laundering,” where goods produced in Barkan are labeled “Made in Israel” rather than “West Bank settlement,” violating DEFRA guidelines on origin labeling. Even if specific units sold by Very are made in other Keter facilities, the revenue supports a corporate entity that utilizes settlement infrastructure.

4.2.3 Dead Sea Cosmetics (Ahava, Premier, -417)

• Catalog Presence:
  • Ahava: Snippets ⁶/⁴⁶ confirm Ahava’s global retail presence. Ahava’s primary extraction and production facilities are located in Mitzpe Shalem, an illegal settlement in the Occupied West Bank.
  • Premier Dead Sea: Retails through various online channels and has been identified in the audit as a potential product line for Very’s beauty section (though direct stock confirmation on Very.co.uk requires real-time validation, the brand is prevalent in UK e-commerce).³⁴
  • -417 (Minus 417): Marketed as “Dead Sea Cosmetics.” Headquarters in Petah Tikva, but resource extraction (mud/minerals) necessitates operation in the occupied Dead Sea basin.³⁶
• Legal & Ethical Violation: The extraction of natural resources from occupied territory for the profit of the occupying power is a violation of the Hague Regulations and the Fourth Geneva Convention. By retailing these brands, The Very Group facilitates the monetization of pillaged natural resources.
• Labeling Fraud: Products from Mitzpe Shalem are frequently labeled “Made in Israel.” If The Very Group sells these without “West Bank Settlement” labeling, it is complicit in misleading consumers and potentially violating UK consumer protection laws regarding country of origin.³⁷

4.3 Hampers and Gifts (The Hidden Date Risk)

• Catalog Presence: The Very Group sells “Gifts & Hampers” (e.g., “Spicers of Hythe” brand).³⁹
• Risk Vector: Medjool dates are a staple of UK Christmas hampers. Approximately 60-70% of global Medjool dates are grown in Israel or Israeli settlements (Jordan Valley).
• Complicity: While Very does not source dates directly, the hampers it retails likely contain settlement dates sourced from Hadiklaim or Mehadrin. This represents a “Tier 2” supply chain risk. Very acts as the marketplace, facilitating the sale of settlement produce packaged by third-party hamper companies.

5. Financial Services Infrastructure and Fintech Complicity

The Very Group is unique in that it is as much a financial lender as it is a retailer. Its “Very Pay” platform (regulated by the FCA) provides credit to over 4 million customers.¹ This financial arm creates specific vulnerabilities and complicity vectors.

5.1 The Credit Risk Infrastructure

The core of Very’s profitability lies in its debtor book. Managing this risk requires sophisticated data analytics and credit scoring.

• TransUnion Partnership: The Very Group utilizes TransUnion for credit risk decisioning.⁴¹ TransUnion is a global credit bureau with significant operations in Israel (following the acquisition of Creditinfo’s Israeli arm or similar local partnerships).
• Surveillance Integration: As detailed in Section 3.1, the integration of BioCatch into the credit application process means that the decision to grant credit to a UK family is mediated by Israeli military-grade intelligence software. This creates a dependency where the UK’s consumer credit infrastructure relies on Israeli cyber-sector innovation.

5.2 Seasonality and “Winter Sourcing” in Finance

While “Winter Sourcing” typically refers to agricultural cycles (citrus/dates), a financial equivalent exists.

• The Golden Quarter (Q2): Very’s revenue is heavily weighted towards the October–December period.⁴² This creates a massive spike in transaction volume.
• Tech Load: The operational load on fraud detection systems like BioCatch and Riskified peaks during Black Friday and Christmas.⁴³ Since SaaS (Software as a Service) contracts are often tiered based on volume or API calls, the fees paid by The Very Group to these Israeli vendors likely spike in Q4.
• Capital Synchronization: Consequently, The Very Group sends maximum capital to the Israeli tech sector exactly when the retail sector is generating its highest yield. This synchronizes the prosperity of Very with the revenue streams of its Israeli tech partners.

6. Regulatory and Compliance Analysis

6.1 Importer of Record Status

Forensic analysis sought to identify if The Very Group utilizes a wholly-owned subsidiary to act as the “Importer of Record” for Israeli goods.

• Findings: There is no evidence of a subsidiary named “Very Israel Ltd” or similar in the corporate registry.
• Interpretation: The Very Group likely relies on UK-based distributors (e.g., Keter UK Ltd, SodaStream UK) to act as the importer. This buffers Very from direct “Importer of Record” status but does not absolve it of supply chain due diligence responsibilities.
• Proximity: The proximity is assessed as Medium. Very is not the primary importer, but it is the primary retailer to the end consumer.

6.2 Modern Slavery and Ethical Trading

The Very Group’s Modern Slavery Statement ⁴⁴ lists sourcing from 19 countries and mentions transparency via the “Open Supply Hub.”

• Gap Analysis: The statement focuses heavily on apparel (China, Bangladesh, India, Pakistan). It noticeably lacks specific detail on the “Hard Goods” supply chain (garden furniture, electronics) where Israeli products (Keter, SodaStream) reside.
• Risk: The manufacturing of goods in settlement industrial zones (like Barkan) involves significant labor rights violations, where Palestinian workers are employed under Israeli law but often denied full protections or union representation. By failing to explicitly audit or exclude settlement industrial zones, The Very Group’s ethical trading framework contains a significant blind spot regarding the occupation.

7. Conclusions and Risk Mapping

7.1 Data Confidence Assessment Table

7.2 The “Barclay vs. Carlyle” Paradigm Shift

The most profound finding of this audit is the shift in the nature of complicity due to the 2025 ownership change.

• The Barclay Era (Pre-2025): Complicity was primarily Trade-Based. The group retailed settlement products (SodaStream, Keter) and used Israeli tech (BioCatch), but the profits largely remained within the Barclay family structure.
• The Carlyle Era (Post-2025): Complicity is now Structural and Investment-Based. The Very Group is now a productive asset within a portfolio that includes direct ownership of Israeli military/surveillance technology (LiveU) and investments in defense. The profits generated by Very.co.uk are fungible capital that supports Carlyle’s broader strategy, which includes “Strategic FDI” in Israel.

7.3 Final Risk Assessment

The Very Group operates as a significant economic node in the UK-Israel trade relationship. This is not driven by the bulk import of produce (The Aggregator Nexus), but rather by:

1. Legitimization: The normalizing and retailing of settlement-linked consumer brands (Keter, SodaStream, Ahava) to the UK market.
2. Technological Dependency: The financial support of the Israeli cyber-surveillance sector via the procurement of mission-critical vendor services (BioCatch) for its credit operations.
3. Capital Yield: The generation of yield for The Carlyle Group, directly supporting a parent entity with a strategic commitment to acquiring and capitalizing Israeli technology and defense assets.

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