Theo Paphitis buys Robert Dyas

Published:  13 July, 2012

LEATHERHEAD: Theo Paphitis has bought the electrical and hardware retailer Robert Dyas in a deal thought to be worth about £10m.

Robert Dyas was bought by its senior management in 2009 amid fears that it could fall into administration.

Since the restructuring of the business, its majority shareholders have been Allied Irish Banks and Lloyds Banking Group, who had hired advisers Cavendish Corporate Finance to carry out a "full exit review" of the business.

Originally established as an ironmonger 140 years ago, Robert Dyas now has 97 stores in the UK and employs more than 1,000 staff.

"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," said outgoing chairman Geoff Brady.

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