Theo Paphitis buys Robert Dyas
Paphitis, who also owns stationery chain Ryman and lingerie retailer Boux Avenue, bought the 96 strong group of stores via his wholly-owned company Gladys Emmanuel.
The sale comes against a background of robust trading at Robert Dyas with like-for-like sales growth of 3.8% in the year to 31 March 2012.
Geoff Brady, the outgoing chairman of Robert Dyas, commented: "I am delighted that the business has attracted an entrepreneur of Theo’s stature: his track record for growing retail businesses is second to none. Under his chairmanship Ryman, which shares both the "convenience" retail positioning of Robert Dyas and a long and distinguished history on Britain’s high street, has gone from strength to strength growing both organically and through acquisitions.
"The sales process attracted a great deal of interest from potential buyers, both from the UK and overseas, but I believe this transaction provides significant benefits both to the Robert Dyas team and to our customers. We will not only benefit from the expertise and experience of Theo and his team, but will also see a considerable strengthening of our financial position that will support the continuing development of the Robert Dyas business."
Theo Paphitis, who will join the Robert Dyas Board as chairman, added: "I am very pleased with the purchase of the Robert Dyas business. It is a business which fits well with my investment criteria and I’m looking forward to working with the management team who have done an excellent job in getting Robert Dyas to where it is today."
The current chief executive, Graham Coles, will stay in his position along with other members of the Robert Dyas Board. Chairman Geoff Brady and non-executive director Ian Gray will leave the board while Kypros Kyprianou, group chief executive of Ryman, will join as director.
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