Dragons' Den star Theo Paphitis set to snap up Robert Dyas for £10m
Theo Paphitis, the owner of the stationery retailer Ryman, is poised to acquire the hardware chain Robert Dyas for up to £10m.
The star of the BBC series Dragons' Den is in advanced talks about purchasing the 100-store chain, and a deal could be unveiled over the coming days.
Robert Dyas has been majority-owned by its lenders since a debt-for-equity swap with Lloyds Banking Group and Allied Irish Bank (AIB) in 2009. Lloyds, the biggest shareholder with a 40 per cent stake, put the ironmonger up for sale this year by hiring advisers at Cavendish Corporate Finance, which declined to comment.
Wilkinson was the other main contender that examined acquiring Robert Dyas. But the UK's eighth-biggest private retailer pulled out of the bidding process last month.
The price tag of up to £10m that Mr Paphitis – who was unavailable for comment – wants to pay for Robert Dyas includes some of the chain's debt with Lloyds and AIB.
It is understood he will take on the pension liabilities of Robert Dyas, which posted underlying profits of £3m in 2011.
A Lloyds spokesman said: "We continue to remain supportive of the company and we are focused on ensuring the success of the current sale process."
As well as controlling Ryman, Mr Paphitis owns the lingerie chain Boux Avenue.
Brent Wilkinson, who was the chief executive of Robert Dyas from 2000 until 2004, and Roger Pedder, the retailer's chairman between 1997 and 2004, also put in a bid to acquire their former retail company. However, this was thought to have been lower than what Lloyds had wanted.
Ian McKellen and Patrick Stewart bromance continues: X-Men star gushes about 'pussy cat' BFF Patrick Stewart
David Cameron stung by jellyfish: PM hurt after ignoring advice of locals while on holiday
South Korea ferry: Vice principal rescued from sinking ship found hanged
Hollande's affair: Catherine Deneuve and Sophie Marceau in war of words over President's relationship with Julie Gayet
Kim Jong-un, crowds and contraband kit: Inside North Korea with the the Pyongyang marathon winner
The food poverty scandal that shames Britain: Nearly 1m people rely on handouts to eat – and benefit reforms may be to blame
US Navy christens huge $3 billion destroyer ship USS Zumwalt that appears as a fishing boat on enemy radar
Scottish independence: It is the English who should be on their knees, begging the Scots to vote ‘No’
Nigel Farage fatigue? Half of voters ‘immune’ to Ukip’s appeal
Nigel Farage: I’m taking on the status quo, and the Establishment’s fighting back
Refugee facing deportation from Sweden saved by fellow passengers refusing to let plane leave
- 1 KFC 'sorry' after lesbian couple are kicked out of Bath restaurant for 'heavy petting'
- 2 Dylan Tombides: West Ham confirm 20-year-old striker has died after battle with cancer
- 3 24 people applied for the 'world's toughest job', here are their interviews
- 4 'Sinful': Video of British Muslims dancing to Pharrell Williams's hit Happy comes under attack
- 5 PFA Player of the Year: Luis Suarez, Daniel Sturridge and Steven Gerrard all nominated as Liverpool dominate award shortlist
iJobs Money & Business
£150.00 per week: QA Apprenticeships: This company has been providing on site ...
£221.25 per week: QA Apprenticeships: This company is a well established Inter...
£40000 - £50000 per annum: Harrington Starr: Client Relationship Manager - SQL...
£35000 - £50000 per annum: Pro-Recruitment Group: Take your chance to join the...