Can someone tell me what “Very truly yours” means ? I know its a closing, but what does it actuallly mean ? And can it be used in a formal business letter ?
It’s very informal - I don’t think it is a standard phrase at all.
‘Yours truly’ is the standard valediction (closing phrase) on which that is based - and that is also informal.
The meaning of it can vary slightly, but is essentially the same. It is a custom that goes back a number of centuries and is simply a polite way of ending a letter. Originally the phrases used were more formal:
“I remain, Sir, your most humble and obedient servant.”
Gradually, something that meant “I am your true servant” was shortened to “Yours truly”.
Any variation including ‘very’ (yours very truly / very truly yours) emphasises the degree of ‘trueness’ (humility, obedience, friendship, etc.)