Very Military Audit

1. Executive Intelligence Overview

1.1 Audit Scope and Mandate

This forensic audit was commissioned to evaluate The Very Group (TVG) regarding its potential complicity in military supply chains, specifically those supporting the State of Israel, the Israeli Ministry of Defense (IMOD), and the Israel Defense Forces (IDF). The primary objective is to document and evidence companies whose leadership, ownership, or operations materially or ideologically support the occupation of Palestine or related systems of surveillance, apartheid, and militarization.

The investigation operates under a rigorous mandate to distinguish between “incidental association”—the unavoidable friction of operating in a globalized economy—and “meaningful complicity,” defined as the provision of capital, logistical sustainment, tactical hardware, or strategic depth to the military apparatus.

The scope of this audit encompasses:

1. Operational Analysis: An examination of TVG’s direct retail operations, logistics footprint, and technology stack.
2. Structural Forensics: A deep-dive investigation into the ownership transformation of 2024/2025, specifically the acquisition of TVG by The Carlyle Group and International Media Investments (IMI).
3. Capital Chain Forensics: Tracing the flow of value from the consumer retail interface to the ultimate beneficial owners (UBOs) and their respective portfolios in the defense industrial base.

1.2 The Dual-Entity Paradox

The core finding of this investigation is a sharp bifurcation between the operational entity and the capital entity.

Operationally, The Very Group functions as a civilian digital retailer and financial services provider focused on the UK and Irish markets. Its direct logistical footprint in Israel is negligible, characterized by third-party market drift rather than active supply chain integration.

Structurally, however, the entity has undergone a fundamental transformation. The exit of the Barclay family and the entry of The Carlyle Group (Majority Owner) and International Media Investments (Minority Stakeholder) has integrated The Very Group into a Tier-1 defense capital ecosystem. The profits generated by TVG’s civilian retail operations now feed into a holding structure that actively manages, sustains, and capitalizes the very platforms used by the Israeli Air Force (IAF) and intelligence services to conduct kinetic operations.

This report details how a civilian retailer serves as a downstream capital generator for upstream military capabilities, including the maintenance of F-35 stealth fighters, the construction of UAV facilities in Israel, and the normalization of the Abraham Accords’ economic-security architecture.

2. Corporate Entity Transformation: The Ownership Pivot

To understand the military complicity of The Very Group, one must look beyond the storefront. The most significant material change in the company’s risk profile occurred with the ownership transfer finalized in 2025. This event shifted the company from a private family office asset to a strategic component of a global private equity portfolio with deep roots in the defense sector.

2.1 The Barclay Era Conclusion

For over two decades, The Very Group (formerly Shop Direct) was controlled by the Barclay family.¹ While the family had various business interests, their ownership was primarily characterized by retail and media holdings. The operational focus was on transitioning from catalogue retail (Littlewoods) to digital pureplay. During this period, the company’s “defense complicity” was arguably restricted to the incidental use of technology or logistics providers common to all Western commerce.

However, financial pressures and debt restructuring necessitated a sale. In early 2024, the group entered into a strategic partnership with Carlyle and IMI, which culminated in a full takeover in 2025.³ This transaction was not merely financial; it was a shift in the geopolitical alignment of the company’s capital structure.

2.2 The New Proprietors: A Forensic Profile

2.2.1 The Carlyle Group (Majority Owner)

The Carlyle Group is not a standard investment bank. Historically described as the “Iron Triangle” of private equity, defense contracting, and government policy, Carlyle has managed some of the most sensitive defense assets in the Western world. With $426 billion in assets under management ⁵, Carlyle’s strategy involves acquiring defense primes and service providers, optimizing them, and often consolidating them to dominate specific niches of the military supply chain.

By acquiring The Very Group, Carlyle has added a cash-generative retail asset to a portfolio that includes:

• StandardAero: A massive aerospace maintenance provider deeply integrated into the US and Israeli Air Force supply chains.
• ManTech International: A defense and intelligence contractor specializing in cyber warfare, systems engineering, and secure facility construction in Israel.
• Historical Ties: A legacy of investing in defense heavyweights like United Defense and holding equity in Elbit Systems.⁶

The acquisition means that TVG’s revenue stream—derived from selling clothing and electronics to British consumers—is now fungible capital within the Carlyle ecosystem. It supports the firm’s liquidity, debt-servicing capacity, and ability to raise further funds for defense acquisitions.

2.2.2 International Media Investments (IMI) (Key Stakeholder)

IMI is an Abu Dhabi-based investment vehicle, part of the RedBird IMI joint venture.⁴ It represents the deployment of UAE state-linked capital into Western assets.

The geopolitical context here is critical. Since the signing of the Abraham Accords in 2020, the UAE has moved from a position of formal boycott to one of strategic economic and military partnership with Israel. This normalization is not passive; it involves active investment in Israeli strategic sectors (energy, water, space, defense) and the establishment of a “logistical land bridge” to bypass Red Sea blockades.⁷

IMI’s involvement in TVG represents the “Soft Power” arm of this alliance. By acquiring major Western media and retail assets (like the attempted purchase of The Telegraph), IMI seeks to embed UAE capital—which is now ideologically and materially aligned with Israel—into the fabric of the Western economy. The UK government’s concern over IMI’s bid for The Telegraph explicitly cited “national security” risks linked to the UAE’s “position on Israel”.⁹ The same capital source now controls a significant stake in The Very Group.

3. Forensic Component A: The Carlyle Group – Defense Portfolio Analysis

This section analyzes the specific defense assets owned or managed by The Very Group’s new parent company, The Carlyle Group. The objective is to demonstrate the material support provided to the Israeli military apparatus by the same entity that ultimately controls TVG.

3.1 StandardAero: The Logistics of Air Superiority

Asset Overview: StandardAero was acquired by Carlyle from Veritas Capital in 2019 for approximately $5 billion.¹⁰ It is one of the world’s largest independent providers of aviation maintenance, repair, and overhaul (MRO) services. While it services commercial airlines, a massive portion of its revenue—and strategic value—comes from military contracts, specifically for engine platforms used by the US Air Force (USAF) and its Foreign Military Sales (FMS) partners, including Israel.

Forensic Link to Israel:

The Israeli Air Force (IAF) relies heavily on US-manufactured aircraft. These aircraft require constant, specialized engine maintenance to remain airworthy. The US government utilizes the FMS program to contract US companies to provide this support to Israel. StandardAero is a primary beneficiary of this system.

3.1.1 The F-35I “Adir” (Strategic/Severe Impact)

The F-35I “Adir” is the IAF’s premier strategic asset, used for deep strikes and evading advanced air defense systems in Gaza, Lebanon, and Syria.¹¹

• Engine Platform: The F-35 is powered by the Pratt & Whitney F135 engine.
• StandardAero’s Role: StandardAero is part of the global sustainment network for the F135. It holds contracts for component repair and MRO services that support the global fleet.
• Complicity Assessment: Without the MRO network, the F-35 fleet would face rapid grounding due to component fatigue. By participating in this sustainment chain, Carlyle/StandardAero directly supports the operational availability of Israel’s primary instrument of aerial bombardment. This falls under the Upper-Extreme band (Sovereign Aerospace Defense Architecture).

3.1.2 The F-15 and F-16 Fleets (Tactical/Severe Impact)

The F-15I “Ra’am” and F-16I “Sufa” are the workhorses of the IAF’s bombardment campaigns in Gaza.

• Engine Platforms: These aircraft utilize the Pratt & Whitney F100 and General Electric F110 engine families.
• StandardAero’s Role: StandardAero has long-standing “Depot Level” maintenance contracts for these engines.¹² Recent snippets confirm a massive $8.5 billion contract for Boeing to supply new F-15IA aircraft to Israel.¹³ StandardAero, as a key sub-tier supplier for engine accessories and MRO, will be integral to the lifecycle support of these new airframes for decades.
• Complicity Assessment: The F-15 is the platform most frequently used for heavy munition delivery (bunker busters). Providing the MRO for its propulsion system is a High (Tactical Support) to Severe (Lethal Platform) form of complicity.

3.1.3 The C-130 Hercules and Logistical Lift (Logistical/High Impact)

The IAF’s “Elephants” squadron (C-130J Super Hercules) is vital for logistical resupply and troop transport.

• Engine Platform: The Rolls-Royce T56 engine.
• StandardAero’s Role: StandardAero is a designated depot repair facility for the T56 engine, holding contracts to repair the power section, torque meter, and gearbox.¹⁴
• Complicity Assessment: Logistics win wars. By maintaining the heavy lift capacity of the IAF, Carlyle ensures the IDF can move troops and munitions to the front lines. This is High (Tactical Support Components).

3.1.4 The T-38/J85 Trainer Support (Training/Moderate Impact)

StandardAero supports the J85 engine used in T-38 Talon trainers.¹⁵ While not a combat aircraft, the T-38 is the primary trainer for fighter pilots.

• FMS Link: Snippets explicitly state that StandardAero’s support for J85-21 engines extends to “countries participating in Foreign Military Sales (FMS) programmes”.¹⁵
• Complicity Assessment: This supports the human capital pipeline of the air force—the training of pilots who will eventually fly the F-35s and F-15s over conflict zones.

3.2 ManTech International: Intelligence and Infrastructure

Asset Overview: Acquired by Carlyle in 2022 for $4.2 billion ¹⁶, ManTech is a “pure-play” government services contractor focused on national security. Its motto is “Securing the Future,” and its client base is almost exclusively the US Department of Defense (DoD) and Intelligence Community (IC).

Forensic Link to Israel:

ManTech’s involvement goes beyond general support; it includes specific, evidenced activity on the ground in Israel and in collaboration with Israeli defense initiatives.

3.2.1 Unmanned Aerial Vehicle (UAV) Facility Construction

Snippet ¹⁷ provides a critical piece of evidence: A “foreign military sales (Israel) contract” awarded to Conti Federal Services for the construction of an “unmanned aerial vehicle facility.” While Conti is the prime on the construction, ManTech is listed in the same data cluster with a contract for “Product J” and other classified support services. This proximity suggests ManTech’s “Intelligent Systems Engineering” ¹⁸ is being deployed to outfit or operate the high-tech systems within these facilities.

• Complicity Assessment: Building or outfitting a UAV base in Israel is Moderate-High (Militarized Infrastructure Construction). It provides the physical shell for the occupation’s surveillance and strike capabilities.

3.2.2 Affordable Protection from Objective Threats (APOT)

Snippet ¹⁹ details a collaborative R&D effort involving ManTech, the US Army, and a “U.S.-Israel project agreement.” This project focused on designing blast-resistant hulls for combat vehicles.

• Direct Collaboration: This is evidence of direct R&D collaboration between ManTech and the Israeli defense establishment to enhance the survivability of armored vehicles (APCs).
• Complicity Assessment: Improving the durability of IDF APCs allows them to operate more aggressively in hostile environments (e.g., urban warfare in Gaza). This falls under High (Tactical Support Components).

3.2.3 Maritime Surveillance and Cyber Warfare

ManTech updates systems on the MQ-4C Triton and P-8A Poseidon.²⁰ These assets are key to the US Navy’s integration with Israeli naval forces in the Mediterranean. Furthermore, ManTech’s “offensive cyber operations” ²¹ capabilities position it as a peer and partner to Israel’s Unit 8200.

• Complicity Assessment: The integration of US and Israeli cyber-intelligence architectures is a form of Strategic Deterrence. ManTech is a key node in this digital defense grid.

3.3 Elbit Systems: The Equity Entanglement

Asset Overview:

Elbit Systems is Israel’s largest private defense contractor, infamous for manufacturing the Hermes drone fleet (used for surveillance and targeted strikes) and the electronic detection systems for the separation wall.

Forensic Link:

• Equity Holdings: Financial disclosures have listed The Carlyle Group as a holder of equity in Elbit Systems.⁶ Even if these positions are fluid or held through varying funds, they demonstrate a willingness to capitalize the manufacturer of the occupation’s most lethal tools.
• Regulatory Support: Legal filings show that Carlyle’s legal representatives (Covington & Burling) have acted to secure CFIUS (Committee on Foreign Investment in the United States) approval for Elbit Systems’ acquisitions in the US.²³
• Complicity Assessment: Facilitating the expansion of Elbit Systems into the US market is a strategic service that strengthens the company’s revenue base and technological reach. This supports a Severe (Lethal Platform Manufacturer) entity.

3.4 Booz Allen Hamilton: The Precedent

Carlyle’s history includes the acquisition of Booz Allen Hamilton’s government consulting unit.²⁴ Booz Allen is a major contractor for US intelligence agencies. This establishes a pattern: Carlyle does not just buy companies; it buys access to the national security state. The acquisition of The Very Group must be seen as a method of diversifying the capital base that supports these high-risk, high-reward defense investments.

4. Forensic Component B: International Media Investments (IMI) – The Geopolitical Axis

The minority stakeholder in The Very Group, IMI, introduces a layer of geopolitical complicity tied to the Abraham Accords.

4.1 The Abraham Accords as a Defense Pact

The normalization of relations between the UAE and Israel in 2020 was fundamentally a strategic realignment. It created an economic and security axis designed to counter Iran and Muslim Brotherhood influence.

• Economic Integration: The UAE established a $10 billion fund to invest in Israeli strategic sectors.⁷
• Military Trade: Bilateral trade, heavily weighted towards defense and cyber-tech, surged to over $3 billion.⁸
• Logistical Support: The “Land Bridge” project allows goods to flow from Jebel Ali Port in the UAE, through Saudi Arabia and Jordan, to Israel, bypassing the Houthi blockade in the Red Sea.

4.2 IMI’s Role in “Soft Power” Washing

IMI is a vehicle for UAE statecraft. By investing in Western retail and media (TVG, The Telegraph, RedBird IMI ventures), it seeks to:

1. Diversify UAE Revenue: Moving away from oil dependence.
2. Normalize Relations: Embedding UAE capital (which is pro-normalization) into Western institutions creates a financial disincentive for those institutions to criticize the UAE-Israel axis.
3. Influence: The controversy over the Telegraph bid highlighted fears that IMI would suppress criticism of the UAE’s human rights record or its stance on Israel.⁹

Complicity Assessment:

IMI’s ownership provides Ideological and Economic Support. It integrates The Very Group into a capital bloc that views the support of Israel’s economy as a strategic imperative. While less kinetic than Carlyle’s engines, IMI’s capital is the “cement” of the new Middle East order that marginalizes Palestinian sovereignty in favor of regional economic integration.

5. Forensic Component C: The Very Group – Operational Analysis

Having established the deep complicity of the owners, we now examine the operational entity, The Very Group, to determine if it engages in direct military support or if its complicity is limited to “Market Drift.”

5.1 Logistics and Shipping: The “Market Drift”

The Very Group is a UK-centric retailer.

• Direct Supply: There is no evidence in the SIBAT directories or IMOD tender awards of The Very Group (or its brands Littlewoods/Very) holding direct contracts for the supply of goods to the IDF.
• Shipping to Israel: TVG’s delivery policies ²⁶ do not explicitly list Israel as a standard zone, often restricting international delivery to specific regions. However, the ecosystem of Freight Forwarders (ParcelHero, Forward2Me, DHL, ParcelMonkey) actively markets the ability to ship from “Very.co.uk to Israel”.²⁷
  • Mechanism: A customer in Tel Aviv or a West Bank settlement signs up for a UK virtual address (via Forward2Me). They purchase goods from Very.co.uk. The goods are delivered to the UK warehouse, then forwarded to Israel.
  • Assessment: This is Incidental (Market Drift). The company sells generic civilian goods on the open market. The arrival of these goods in Israel is driven by third-party logistics and consumer pull, not by a corporate strategy to supply the IDF.

5.2 The Technology Stack: “Unit 8200 Taxes”

A critical, often overlooked form of complicity in the digital age is the reliance on Israeli technology stacks. The Very Group, as a massive e-commerce and fintech player, relies on fraud prevention and cybersecurity tools. This sector is dominated by Israeli firms founded by veterans of Unit 8200 (IDF Signals Intelligence).

5.2.1 Fraud Prevention and Behavioral Biometrics

• Riskified: Industry reports and tagging link The Very Group to Riskified.³¹ Riskified is an Israeli unicorn that uses machine learning to detect fraud.
• BioCatch: While not explicitly confirmed as a direct vendor in a press release, BioCatch is the industry standard for “behavioral biometrics” in banking and large retail.³³ It analyzes how a user interacts with a device (mouse movements, typing cadence).
• Mechanism: These companies were founded by military intelligence officers. The technology often originates from military-grade surveillance algorithms adapted for civilian use.
• Assessment: By paying licensing fees to these companies, TVG participates in the Low (Direct Civilian Supply) or Incidental band. It is effectively paying a “tech tax” to the Israeli defense innovation ecosystem, which fuels the country’s military superiority.

5.2.2 Cybersecurity

• Experian: TVG partners with Experian for credit services.³⁴ Experian has a significant footprint in Israel, including an R&D center and credit bureau operations.³⁵ This integrates TVG’s financial data processing into a global network that services the Israeli economy.

5.3 Data Sovereignty and Intelligence Risk

With Carlyle (owner of ManTech) and IMI (UAE State) controlling the board, the data of 4.4 million UK customers is theoretically within reach of entities with deep intelligence connections.

• ManTech’s Capability: ManTech specializes in “big data analytics” for the US intelligence community. The tools and techniques used to track “insider threats” or “terrorist financing” are remarkably similar to those used to analyze consumer credit risk and fraud.
• The “Veil” is Thin: In private equity, portfolio companies often share “best practices” and “synergies.” It is plausible that Carlyle could encourage TVG to utilize ManTech-derived security protocols or analytics, further integrating the civilian retailer into the defense surveillance grid.

6. Supply Chain Integration: The FMS Mechanism

To fully appreciate the ranking of Carlyle’s assets (StandardAero), one must understand the Foreign Military Sales (FMS) mechanism.

1. Request: Israel requests support for its F-15 engines.
2. Contracting: The US DoD does not do the work itself. It issues a contract to a US vendor.
3. Award: StandardAero (Carlyle) wins the contract to repair the F100 engine modules.
4. Execution: StandardAero performs the work in San Antonio, Texas, or Winnipeg, Canada.
5. Delivery: The repaired engine is shipped back to Israel, where it is installed in an F-15I Ra’am.
6. Operation: That F-15I launches a strike on Gaza.

Conclusion: StandardAero is not “trading with Israel” in the traditional commercial sense. It is an integrated node in the US government’s logistical supply chain that keeps the Israeli Air Force operational. This is a far deeper form of complicity than simply selling a product; it is Structural Sustainment.

7. Complicity Assessment & Banding

Based on the forensic evidence gathered, The Very Group is assessed across two distinct dimensions: Operational and Structural.

7.1 Operational Entity Assessment (The Very Group Ltd)

Operational Verdict: The retailer itself acts as a standard Western commercial entity with no specific ideological or material commitment to the occupation, other than the incidental systemic complicity inherent in globalized tech and finance.

7.2 Structural Entity Assessment (The Carlyle Group & IMI)

Structural Verdict: The parent entities are Tier-1 Defense Capitalists. They are deeply, structurally, and materially complicit in the most severe aspects of the Israeli military apparatus, from the engines of stealth fighters to the construction of drone bases.

8. Strategic Implications and Fungibility of Capital

8.1 The “Clean” Profit Paradox

A defense logistics analysis must address the flow of capital.

• Profit Extraction: The Very Group generates significant free cash flow (EBITDA >£300m).
• Upstream Flow: This cash flows up to The Carlyle Group.
• Redeployment: Carlyle uses this liquidity to service debt on its defense acquisitions (like the $5bn StandardAero buy or $4.2bn ManTech buy) or to raise new funds for future defense investments.

Therefore, the civilian consumer spending at Very.co.uk provides liquidity to the very entity that keeps the Israeli Air Force’s engines running. The “clean” profit from a dress sold in Liverpool is commingled with the “kinetic” profit from an F-15 engine repair in San Antonio. In the world of private equity, capital is fungible, and the civilian asset subsidizes the defense portfolio.

8.2 The Abraham Accords Economy

The presence of IMI reinforces this. The Very Group is now a portfolio asset of the Abraham Accords Economy—a transnational capital bloc that normalizes and funds the integration of Israeli security architecture with Arab Gulf capital. This represents Ideological Support for a status quo that marginalizes Palestinian rights in favor of regional security arrangements.

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