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.
- 1 Cyclist in Russia narrowly misses being hit by car and lorry
- 2 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 3 What are your fingerprint words?
- 4 Gary Lineker involved in Twitter row after presenter rubbishes claims he will be warned by BBC over foul-mouthed tweets
- 5 Pink Floyd new album: Band unveil cover art for first record in 20 years
Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
Slough train station deaths: Woman and child killed after being 'pushed in front of train'
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
Jennifer Lawrence: Leaked 4Chan sex video branded 'fake' by users
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
Labour Party conference: Ed Balls to set out plan to freeze child benefit to balance books
iJobs Money & Business
£65000 Per Annum Benefits + bonus: Clearwater People Solutions Ltd: If you are...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree are a global FTSE 250 ...
£20000 - £25000 per annum + OTE £40000: SThree: As a Recruitment Consultant, y...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...