Theo Paphitis buys Robert Dyas

Theo Paphitis, the Dragons' Den star who owns Rymans Stationery, has sealed a deal to buy Robert Dyas for up to £10m. He will also take on the ironmonger's debt and pension obligations.

Robert Dyas has been majority-owned by its lenders since a debt-for-equity swap with Lloyds Banking Group and Allied Irish Bank in 2009. Lloyds, the biggest shareholder with a 40 per cent stake, put the business up for sale this year, hiring Cavendish Corporate Finance.