Former Chancellor Nadhim Zahawi has been appointed by the billionaire Barclay family to chair The very Group.

The Stratford-on-Avon MP, who recently announced his intention to step down at the upcoming General Election, has already been serving as the non-executive chairman at the Merseyside-headquartered conglomerate, which encompasses retail giants Very and Littlewoods.

Zahawi steps into this position after succeeding Aidan Barclay, who held the role on an interim basis since February following the departure of Dirk Van den Berghe.

Prior to his involvement in politics, Zahawi made waves in the business world as the founder of YouGov, showcasing a diverse portfolio before venturing into Westminster in 2010. With notable stints as health secretary and chairman of the Conservative Party, Zahawi brings a wealth of experience to his new role at The Very Group.

While speculation had swirled around Zahawi potentially assuming the chairmanship of the Telegraph, another Barclay family asset, ongoing takeover negotiations have yet to reach a conclusion, leaving his future involvement uncertain.