Very ECONOMIC

Scope note. The target is the UK online retailer Very, operated by The Very Group Limited, which also runs Littlewoods and Very Ireland; it is a private limited company in Liverpool, formerly Shop Direct Limited. ¹ This memo presents only verifiable data, with no scores or conclusions, and includes a neutral check of Keter-brand listings as required. ¹

Supply Chain & Sourcing Relationships

Direct Israeli agricultural suppliers (Mehadrin, Hadiklaim, Galilee Export, Agrexco successors). No public evidence identified; the Very Group Wikipedia page opened describes its retail brands and makes no mention of Israel. ²

Importer of record structure. No public evidence identified of a Very subsidiary, joint venture or import entity for Israeli-origin goods; the FY25 results coverage opened does not cover suppliers or the marketplace model. ³

Seasonal sourcing (December–April). No public evidence identified. ²

Third-party and indirect sourcing. No public evidence identified of Israeli-origin products reaching Very through distributors or white-label arrangements, other than the Keter question below. ²

Keter-brand products – neutral check (Economic addendum).

• Keter Group is an Israeli maker of resin-based household and garden products, headquartered in Herzliya according to Wikipedia. ⁴
• Seller of record, declared country of origin per SKU, SKU count, and date from which Keter has been listed at Very: no public evidence identified in pages that could be opened for this audit as at 3 November 2026; the Keter UK consumer pages for the Manor 6x5 Grey shed (item 230255, £580) and the Store It Out Max 1200L box (item 254661, £190) name no retailers and give no country-of-origin statement. ^{5, 6, 7}
• Keter’s own shed FAQ (undated; carries a promotion valid until 11/9/26) says under the heading “Where are Keter sheds made?” that “Most Keter sheds are manufactured in Israel as part of the Keter Group” and that “a few sheds are manufactured in the UK”. ⁸
• Whether the Keter models Very sells fall in the Israeli-made or UK-made group: no public evidence identified from retrievable sources. ⁸
• Wickes lists “country of origin Israel” for the Keter Stronghold Brown Shed 10 x 11.5ft (product 352119), observed 3 November 2026 with delivery “within 10 days from our supplier”. ⁹
• Rapid Online lists country of origin Israel for the Keter 230255 Manor Shed Grey 6x5, naming Keter as the brand and no separate manufacturer, observed 3 November 2026. ¹⁰
• Origin labels at third-party retailers are per-model retailer data, not customs documents, and they do not establish the origin of the units Very sells. ^{9, 10}
• Direct purchase versus UK distributor: no public evidence identified; Keter’s UK-registered subsidiary Keter UK Limited (company 04992337, incorporated 11 December 2003, formerly Curver UK Limited 2011–2018 and Contico Europe Limited 2003–2011) is a manufacturing-classified company, and no page opened links it to Very. ¹¹
• Keter’s own SEC subsidiary exhibit (filed 2021) lists UK entities Keter UK Ltd and Keter Ltd alongside Israeli entities Krona Resin (2016) Ltd. and Keter Home and Garden Products Ltd. ¹²
• Other UK retailers: Homebase currently lists Keter as a brand and describes it as the UK market leader in resin outdoor storage, without stating a country of origin. ¹³
• Retailer sourcing statement by Very or its group about Keter: no public evidence identified. ²

Product Origin, Labeling & Regulatory Compliance

Settlement-origin products – Keter and Barkan (all items [pre-2020] unless stated).

• Who Profits’ company profile says Keter “operates a factory in the settlement’s industrial zone of Barkan in the West Bank”, under Settlement Enterprise and Settlement Production, with the page marked “valid until 17/12/2014” [pre-2020]. ¹⁴
• The same profile records Keter’s 2014 statement to European NGOs that it “does not own any facility or operation in what the UN defines as the occupied territories”, and Who Profits’ sighting of two Keter trucks in a Barkan factory yard on 21 March 2014 [pre-2020]. ¹⁴
• A Who Profits update dated late 2016 says visual evidence from November 2016 indicated Keter “no longer operates in the occupied West Bank”, with the site found without commercial activity, signs or trucks [pre-2020]. ¹⁵
• Corporate Watch’s open letter of 29 November 2012 stated that Keter had a Barkan factory and that B&Q kept selling Keter products [pre-2020]. ¹⁶
• B&Q said it was not sourcing from the Barkan site, had guarantees from Keter, and continued sourcing from Keter while discussing the factory (April–November 2012) [pre-2020]. ¹⁶
• The United Church of Canada boycotted Keter in June 2013 over the Barkan factory [pre-2020]. ⁴
• Post-2016 tie: the only later allegation found is a Canadian BDS Coalition post of 28 May 2024 stating Keter operates a factory in Barkan, citing only Who Profits and no new documentation; it is advocacy material and is not independent confirmation. ¹⁷
• The Barkan Industrial Park Wikipedia page opened does not mention Keter. ¹⁸
• No public evidence identified of Keter settlement production after 2016 from independent or primary sources, and none that continued after 19 July 2024 or November 2024. ¹⁷
• No public evidence identified of Very-specific settlement-origin goods in any NGO report opened. ¹⁴
• Keter’s shed FAQ states Israel and the UK as manufacturing locations and does not mention the West Bank. ⁸

Labelling compliance.

• The UK Defra issued voluntary guidance on 11 December 2009 suggesting more precise origin labels for goods from Israeli settlements, such as “Palestinian produce” [pre-2020]. ¹⁹
• No public evidence identified of any enforcement action, citation or advisory naming Very or Keter. ¹⁹

Corporate labelling policy. No public evidence identified of a Very statement on goods from occupied territories in pages opened. ²

Authoritative databases.

• OHCHR’s database update (A/HRC/60/19, presented 29 September 2025) found reasonable grounds for 158 of 215 assessed enterprises, with domicile countries including the United Kingdom. ²⁰
• The summary pages opened do not list company names, so no public evidence identified is available here on whether Very, Keter or their subsidiaries are listed. ²⁰
• Reporting period of that update: 2 August 2019 to 30 April 2025. ²⁰

Investment, Capital & Financial Exposure

Very’s own investments in Israel. No public evidence identified of Very acquisitions, factories, data centres, logistics hubs or real estate in Israel or the occupied territories; the Very Group Wikipedia page opened mentions none. ²

R&D and innovation centres. No public evidence identified. ²

Acquired Israeli subsidiaries (Acquired-Identity). No public evidence identified of any Israeli operating company acquired or controlled by The Very Group. ²

Parent and beneficial ownership.

• Carlyle completed its purchase of The Very Group on 10 November 2025, with IMI remaining a key stakeholder and the Barclay family’s roughly 20-year involvement ended. ²¹
• No ownership percentages were disclosed. ²²
• On 27 February 2024 Carlyle and IMI agreed a £125m package (about £85m from Carlyle Global Credit), each taking a board seat, and Aidan Barclay became interim Non-Executive Chair. ²³
• Carlyle and IMI are described as having backed the business since 2021. ²⁴
• Financing-the-State and portfolio exposure: no public evidence identified of Very-level holdings in Israeli sovereign bonds, Israel Bonds or Israel-focused funds. ²
• Carlyle Israeli holdings: my search for Carlyle Israeli acquisitions found none, so no public evidence identified. ²²

Keter’s capital structure (context for the Keter addendum).

• BC Partners agreed on 28 July 2016 to buy 80% of Keter Plastic, with the Sagol family keeping 20% [pre-2020]. ²⁵
• Senior lenders took 100% ownership of Keter on completion of the transaction on 29 April 2024. ²⁶
• Bloomberg Law reported the creditor takeover on 6 March 2024, replacing BC Partners and PSP Investments. ²⁷
• 9fin (17 April 2025) reported that Keter refinanced a €725m term loan with new funds from local Israeli banks. ²⁸
• The same 9fin article states that “the largest holders of the TLB included CVC, Carlyle and Sculptor” and does not name Keter’s owners after the 2024 restructuring; it does not say whether that Carlyle is the entity that owns Very, so any connection remains unconfirmed. ²⁸

Operational Presence & Market Activity

Physical footprint of Very in Israel or occupied territories. No public evidence identified of Very offices, sales operations, support centres, warehouses or retail locations there; Very’s head office is Skyways House, Speke, Liverpool. ²

Employment and tax in Israel. No public evidence identified. ¹

Market positioning. No public evidence identified of Very characterising the Israeli market in results coverage opened. ³

Very operating scale (context). FY25 revenue was £2.09bn (down 1.8%) and adjusted EBITDA £307.1m. ³

Keter footprint (context).

• Keter says it has plants in North America, Europe and Israel, a team of over 5,000 and products in over 100 countries. ²⁹
• A January 2025 appointment article cites 20 manufacturing plants and names Tzachi Wiesenfeld as Chairman. ³⁰
• In 2016 reports gave different figures: 30 plants and some 1,400 people in Israel (JTA, 21 July 2016), and 18 plants with nearly 2,000 of about 4,000 workers in Israel (Globes) [pre-2020]. ^{31, 25}
• Keter Group (Herzliya, Israel) has the SEC-listed Israeli entities noted above. ¹²
• Reservist-pay, charitable-matching and similar policies at Very in Israel: no public evidence identified. ²

Corporate Structure & Foundational Ties

Founding and incorporation.

• The Very Group traces to Littlewoods (founded 1923); the Barclay brothers bought Littlewoods in 2002 and GUS’s home-shopping business in 2003, and the company was Shop Direct before the Very Group rebrand. ²
• The Very Group Limited was incorporated on 11 April 2003. ¹
• No public evidence identified of an Israeli founding or Israeli-origin brand for Very. ²
• Israeli-Nexus factors for Very (founded in Israel, Israeli HQ, Israeli PTE tax status, Israeli beneficial ownership): no public evidence identified for any of the four. ²¹

Headquarters and domicile. The Very Group Limited is registered at Skyways House, Speke, Liverpool (SIC 70100, head offices). ¹

State and institutional linkages and governance features. No public evidence identified of Israeli state ownership, government board appointees, golden shares or charter restrictions tying Very to Israel. ²

Keter ties.

• Keter was founded in 1948 in Jaffa and is headquartered in Herzliya, Israel, per Wikipedia. ⁴
• Who Profits lists a Herzliya Industrial Zone address (profile valid to 2014) [pre-2020]. ¹⁴
• A 2023 Calcalist article states that CEO Alejandro Pena relocated the company’s headquarters to the US, a discrepancy with the Herzliya listing. ³²
• Keter’s UK history: it acquired Curver Consumer Products Ltd (Corby) in 2005 and Stewart Plastics in 2017. ⁴

Named-entity record (one line per name; searched by name for this domain).

• The Very Group Limited – target (Companies House 04730752): searched, no Israeli subsidiary, office or sourcing found. ¹
• Carlyle (Carlyle Group) – owner of Very since 10 November 2025: searched for Israeli holdings, none found; 9fin separately names a “Carlyle” among Keter’s largest term-loan holders, unconfirmed as the same entity. ^{21, 28}
• IMI (International Media Investments, Abu Dhabi) – key stakeholder in Very: searched with Israel, none found. ²¹
• Barclay family / Aidan Barclay – previous owners and interim chair February 2024: searched for Israel investments, none found. ²³
• Robbie Feather – Group CEO of Very since April 2024, joined 2021: searched with Israel, defence and settlement, none found. ³³
• Keter Group (Herzliya) – brand under check: Who Profits Barkan record above; exited per late-2016 update. ¹⁵
• Keter UK Limited (04992337) – UK subsidiary: Companies House data only, no Very link found. ¹¹
• Wickes – UK retailer of Keter: lists Israel as origin for a Keter shed model, no Very link. ⁹
• Sagol family (Sami and Itzhak) – founders, 20% holders after 2016: only the 2016 stake record found; current holding after the 2024 lender takeover not established. ²⁵
• BC Partners – 80% owner of Keter 2016 to 2024: replaced by lenders in 2024. ²⁷
• PSP Investments – co-owner of Keter until 2024: replaced by lenders. ²⁷
• Udi Sagi (CEO) and Tzachi Wiesenfeld (Chair) of Keter: named in a January 2025 appointment article; not separately searched. ³⁰

Profit Repatriation & Economic Contribution

Israel revenue attribution for Very. No public evidence identified; the FY25 results coverage does not break out Israel. ³

Profit flows.

• Very profits flow to a UK company now owned by US-based Carlyle with IMI as stakeholder, so no flow to Israeli-domiciled ownership is shown. ²¹
• No public evidence identified of Israel-sourced profits flowing to Very. ³
• For Keter, 9fin reports local Israeli banks provided its 2025 refinancing, and Keter’s lenders (not Israeli owners) own the group. ^{28, 26}

Ecosystem role. No public evidence identified of any government designation of Very as significant to the Israeli economy. ²

Act record.

• Carlyle’s acquisition of The Very Group: acting entity “Carlyle” (legal entity name not given); beneficiary The Very Group; channel theverygroup.com press page; observed 10–11 November 2025; completed. ^{21, 22}
• Carlyle Global Credit / IMI £125m package: acting entities Carlyle Global Credit and IMI (legal names not given); recipient The Very Group; channel theverygroup.com; observed 27 February 2024; superseded by the November 2025 ownership transaction. ²³
• Keter Barkan factory: acting entity “Keter Plastic (Keter Group)” per Who Profits (exact legal name not given); channel whoprofits.org; earliest observation 2012 (Corporate Watch), 21 March 2014 (Who Profits trucks), latest 2016; status ended per November 2016 visual evidence, unknown thereafter, with a 2024 advocacy claim unconfirmed. ^{15, 16, 14, 17}
• B&Q statement on Keter: acting entity B&Q; channel corporatewatch.org.uk correspondence; April–November 2012; status unknown. ¹⁶
• Keter listing at Very: seller, legal entity, first and latest observation, SKU count and status all unknown from retrievable sources as at 3 November 2026. ^{5, 6, 7}
• Keter statement on shed manufacture: acting entity Keter (legal name not given); audience the public via keter.com; undated, with a promotion valid until 11/9/26 on the page; observed 3 November 2026; status current at that date. ⁸
• Wickes origin field for the Keter Stronghold shed: acting entity Wickes (legal name not given); channel wickes.co.uk; observed 3 November 2026; current at that date; first observation unknown. ⁹
• Rapid Online origin field for the Keter Manor 6x5 shed: acting entity Rapid Online (legal name not given); channel rapidonline.com; observed 3 November 2026; first observation unknown. ¹⁰
• Keter lender takeover: acting entities “senior lenders to Keter Group BV” (unnamed); channels milbank.com and bloomberglaw.com; 6 March 2024 reported, completed 29 April 2024; ownership continuing. ^{26, 27}
• Keter refinancing with Israeli banks: acting entity Keter (legal name not given); lenders local Israeli banks; channel 9fin.com; 17 April 2025; status unknown. ²⁸
• Defra voluntary labelling guidance: acting entity UK Defra; channel aljazeera.com report; 11 December 2009; current status unknown. ¹⁹