Dragons' Den star Paphitis buys Robert Dyas
Tuesday 10 July 2012
Dragons' Den star Theo Paphitis has bought the 140-year-old hardware retailer Robert Dyas in a deal understood to be worth about £10 million.
Mr Paphitis, who is chairman of stationery chain Ryman but more well-known for his long-standing role on the BBC entrepreneurship series, acquired the 96-strong chain through his wholly-owned company Gladys Emmanuel.
Mr Paphitis, 52, who has an estimated net worth of £210 million and also owns lingerie chain Boux Avenue, said: "It is a business which fits well with my investment criteria and I'm looking forward to working with the management team who have done an excellent job in getting Robert Dyas to where it is today."
Lloyds Banking Group, the largest shareholder in Robert Dyas with a 40 per cent stake, hired advisers earlier this year to explore options for the business including a sale.
Lloyds and fellow majority owner Allied Irish Bank acquired Robert Dyas, which employs some 1,100 staff across its stores and Leatherhead HQ, in a £30 million debt-for-equity swap.
Homeware has been one of the hardest-hit sectors of the high street as the sluggish property market and pressure on household incomes hit sales.
However, trading at Robert Dyas has been robust with like-for-like sales growth of 3.8 per cent in the company's financial year to March 31.
Geoff Brady, the outgoing chairman of Robert Dyas, who will be replaced by Mr Paphitis, said: "I am delighted that the business has attracted an entrepreneur of Theo's stature: his track record for growing retail businesses is second to none."
He added: "The sales process attracted a great deal of interest from potential buyers, both from the UK and overseas, but I believe this transaction provides significant benefits both to the Robert Dyas team and to our customers."
The current chief executive, Graham Coles, will stay in his position along with other members of the Robert Dyas board.
Mr Paphitis's empire spans retail, property, finance and consumer goods.
He bought the lingerie chain La Senza in 1998, revived its fortunes, and later sold his stake in the company to Lion Capital for £100 million.
Mr Paphitis also co-owns gift firm Red Letter Days, a company he salvaged out of administration.
Cavendish Corporate Finance was hired by Lloyds to advise on the sale of the business.
PA
-
Feat of engineering: Incredible photographs show construction beneath New York's Second Avenue
-
Charles Saatchi accepts caution for assault over incident in Scott’s restaurant when he put his hands on throat of wife Nigella Lawson
-
Special Report: US troops are stationed in Japan to protect the nation. But to sex workers in Okinawa, they bring fear, not security
-
Police examine photographs of Charles Saatchi with hand on Nigella Lawson's throat
-
Iran to send 4,000 troops to aid President Assad forces in Syria
- 1 Breaking the Silence: In the reality of occupation, there are no Palestinian civilians – only potential terrorists
- 2 Charles Saatchi accepts caution for assault over incident in Scott’s restaurant when he put his hands on throat of wife Nigella Lawson
- 3 Anatomy of a waiter: Service staff spill the secrets of their trade
- 4 Exclusive: Cristiano Ronaldo advised to stay at Real Madrid for another 18 months before making possible switch to Manchester United
- 5 Iran to send 4,000 troops to aid President Assad forces in Syria
Get your summer started with British Military Fitness
BMF is the UK’s biggest and best loved outdoor fitness classes
How will you make today delicious?
Tell us how you plan to make today delicious and you could win a £50 M&S gift card.
Learn a new language
Add another string to your bow with Rosetta Stone, whether it's Spanish, Italian or Mandarin...
Making reading fun for kids
Nook is donating eReaders to volunteers at high-need schools and participating in exclusive events throughout the campaign.
Introducing the 'Get Reading' campaign
Get the latest on The Evening Standard's campaign to get London's children reading.
Enter the latest Independent competitions
Win anything from gadgets to five-star holidays on our competitions and offers page.
Business videos from commercial thought leaders
Watch the best in the business world give their insights into the world of business.
iJobs Money & Business
Graduate Trainee – Recruitment Consultant
£20,000 - £45,000 OTE: Co-Venture: Working for this company will give you a ch...
Senior Business Analyst
Up to £80,000 PA Plus Benefits: Legal & General: An exciting opportunity for a...
Documentation Analyst
£20 - £22 per hour: Orgtel: Documentation Assistant - London - Banking - £20 -...
Test Manager - Investment Banking - London
£550 - £650 per day: Orgtel: Test Manager, London, Investment Banking, £550-65...
Day In a Page
Scandi-geeks descend on Nordicana for fan-convention
Female aristocrats battle to inherit the title
In pictures: JFK's visit to Berlin in 1963
Mark Hix gets creative with English peas
Seasoned to taste: Food institutions



Comments