Robert Dyas / Theo Paphitis
Cavendish is delighted to announce that the sale of Robert Dyas to Theo Paphitis completed earlier today. Originally established as an ironmonger some 140 years ago, Robert Dyas is one of the UK’s best loved retail brands, now selling kitchenware, DIY, gardening, home office products and small domestic appliances. There are 97 stores around the UK, mostly located in high street locations and over 1,000 staff.
Theo Paphitis is a well-known UK business personality and a star of the Dragons’ Den television series. Amongst a number of other business interests, Theo is currently chairman of the Ryman stationery chain, a convenience retail operator with a number of similarities to Robert Dyas.
Since a debt for equity restructuring of Robert Dyas in 2009, the majority shareholders of Robert Dyas have been Allied Irish Banks, p.l.c. and Lloyds Banking Group Plc. Cavendish was appointed in 2010 to carry out a full exit review of the business, using its unique in-house exit review practice to position the business for sale and identify any potential due diligence issues at an early stage. Subsequently, in September 2011 Cavendish was appointed by the equity shareholders, debt holders and the Company’s board of directors to sell the business, working with its international partner offices to bring several non-UK purchasers into the process.
The current Chief Executive, Graham Coles, will stay in his position along with other members of the Robert Dyas Board.
The sale of Robert Dyas is the latest in a number of well-known retailers advised by Cavendish, with previous mandates including: Liberty, Phase Eight, Donald Russell, Etam, Myla and Watches of Switzerland.
Jonathan Buxton, partner and head of the Cavendish consumer group, commented: “From the outset, Theo Paphitis showed an understanding of Robert Dyas and an appreciation of the potential of the brand. The Cavendish team are very pleased to see that a business and management team we have worked with over an extended period of time has found such a supportive home.
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