Lloyds and AIB weigh sale of Robert Dyas hardware chain

ROBERT Dyas, the hardware store chain, is likely to be sold soon as its co-owners Lloyds and Allied Irish Banks are hiring an adviser to review its options, City A.M. has learned.

Lloyds and AIB held meetings with several advisory firms over the past few days to review options for the sale of the 139-year-old business they took control of two years ago. They are still to take a decision on an adviser but the frontrunner candidate is believed to be Cavendish Corporate Finance.

The banks, once lenders to Robert Dyas, saved it from administration in 2009 by stepping in to back a management buyout and debt-for-equity swap that took it from private equity firm Change Capital. The business was valued at £30m then, but may be worth only about £25m now.