Thu, 12 Jul 2012 | BUSINESS SALE
Theo Paphitis, businessman and star of television show Dragon's Den, has purchased electrical and hardware retailer Robert Dyas.
The deal is thought to be worth in the region of £10 million and follows the 2009 decision by its senior management to buy it out amid fears that it could fall into administration.
Restructuring processes were undertaken by the management and a “full exit review” was conducted by Cavendish Corporate Finance on instruction from the majority shareholders Allied Irish Banks and Lloyds Banking Group.
Mr Paphitis has now stepped in to take control of the company, which was originally established as an ironmonger some 140 years ago but now boasts 97 stores around the UK and employs more than 1,000 staff.
Outgoing chairman Geoff Brady 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.
"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."
The news was first announced by the entrepreneur on Twitter. He tweeted: “First to hear it on tweeter! Pleased to say just bought the retail business Robert Dyas! I am in the ironmongery business!”
Mr Paphitis already owns a number of other retail companies, including the Ryman stationery chain and Boux Avenue lingerie stores.
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