Theo Paphitis buys Robert Dyas for £10m

 
Kasmira Jefford
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SERIAL ENTREPRENEUR and Dragon’s Den star Theo Paphitis has snapped up Robert Dyas, the hardware chain, for around £10m.

The 140-year old retailer which started its life as an ironmonger, was on the brink of collapse in 2009 but was rescued by its lenders, Allied Irish Banks and Lloyds Banking Group, in a debt-for-equity swap.

The banks hired Cavendish Corporate Finance to advise on the sale of the 100-store chain last year.

Paphitis, whose retail empire includes the stationer Ryman, revealed the news on Twitter, saying: “I am in the ironmongery business!”

He is thought to be taking on around £5m of debt and a pension liability of over £2m.

Geoff Brady, the outgoing chairman, said: “I am delighted that the business has attracted an entrepreneur of Theo’s stature.”