Banks consider sale of Robert Dyas
The banks which own hardware retailer Robert Dyas are considering putting the chain of stores up for sale following its return to profitability.
Co-owners Lloyds and Allied Irish banks, have been reported to have held meetings with a number of advisory firms during the last week to explore options for the sale of the 139 year old business. Cavendish Corporate Finance is believed to be the frontrunner for selection.
The process is being led by Robert Dyas non executive chairaman Geoff Brady who was also a former director of Kingfisher.
Last week Robert Dyas annouced pre-tax profits of £2.7 million for the year to 27 March, up from a pre-tax loss of £10.4 million in the previous year.
The retailer’s management have indicated that they would like to expand the 100 strong chain of stores and have already announced the opening of six new stores and the refurbishment of a further seven.
Robert Dyas was saved from administration in 2009 when the Lloyds and Allied Irish banks stepped in to back a management buyout and debt-for-equity swap.
The business is thought to be valued at £25 million.
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