Jumat, 06 Juli 2012

Dragon Theo Paphitis set to breathe new life into Robert Dyas

Dragon Theo Paphitis set to breathe new life into Robert Dyas

By City Finance Reporter

PUBLISHED: 15:58 EST, 6 July 2012 | UPDATED: 15:58 EST, 6 July 2012

Entrepreneur Theo Paphitis is the star of TV's Dragon's Den

Entrepreneur: Theo Paphitis previously owned underwear chain La Senza and is chairman of stationer Rymans

Robert Dyas is on the verge of being bought out by entrepreneur Theo Paphitis, the star of TV’s Dragon’s Den.

The £10m deal to sell the hardware chain, which was founded in 1872 by Irish ironmonger Robert Dyas, is set to be announced early next week.

Theo Paphitis previously owned underwear chain La Senza and is chairman of stationer Rymans.

Robert Dyas has around 100 stores and employs more than 1,000 people.

The group had a torrid time at the hands of its former owners, Luc Vandevelde’s private equity fund Change Capital.

Change bought Dyas in 2004 for £61m, but the group’s lenders were forced to step in during 2009 to prevent it entering administration.

By the time it was rescued through a management buyout, it had racked up debts of £70m and was valued at just £30m.

Lloyds and Allied Irish Bank offered to take on the firm’s debt in return for an equity stake in the group, and bo th have since been looking to sell the firm.

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