Nadhim Zahawi lands new job just four days after revealing he was standing down as Stratford MP

STRATFORD MP Nadhim Zahawi has been appointed chair of online retailer Very Group, which owns Very and Littlewoods, just four days after revealing he would not be standing at the next general election.

The former chancellor announced last Thursday (9th May) he would stand down at the next election, sparking a hunt by Stratford Conservative Association for his replacement when it had been planning for his campiagn launch on Saturday (11th May).

He had previously been linked with the job and will replace interim chair Aidan Barclay at the company which is part of the Barclay family’s business empire.

The Barclays have owned Very Group since 2002, but the business recently swung to a half-year loss and was forced to secure £125 million in new debt funding.

The Very Group said in a statement that Mr Zahawi would work with the directors and management team to explore expanding the business in new areas.

It also said he would work with shareholders on “the strategic options” for the business, possibly including fresh investment in the short to medium term.

Mr Zahawi said: “As one of the UK’s largest digital retailers and flexible payments providers, the company has an important role to play in helping families get more out of life.

“With a heritage of over 100 years, Very has an unrivalled knowledge and understanding of its customer, demonstrating resilience even in the face of challenging conditions.”

Mr Zahawi, who co-founded the polling company YouGov in 2000, was previously linked with the chairmanship of the Telegraph Group.

As reported by the Herald, last week he announced he would not run in the next election.

Mr Zahawi was sacked as Conservative Party chairman in January 2023 after an inquiry found he had failed to disclose that HMRC was investigating his tax affairs.

He paid nearly £5 million to authorities to settle the issue and apologised for not being “more explicit” in his ministerial declaration on the settlement.

He called it a “careless mistake”.