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Banks confirm that Dyas sale is on the cards

The retailer told DIY Week that discussions have taken place with a number of corporate advisory firms, including Cavendish Corporate Finance, to advise on a sale process.

However, it is not expected that any sale will take place until 2012.

Lloyd's and Allied Irish banks, which became key shareholders in the business through a debt for equity swap during an MBO of Robert Dyas in 2009, are said to be "considering whether a change of ownership would facilitate further growth through the investment and expansion plan of the management team".

Robert Dyas non-executive chairman Geoff Brady said: "The performance of the company has been resilient in the past financial year, despite challenging trading conditions and the impact of VAT increases, and in the first three months of the current financial year sales are up 3% on a like-for-like basis against the comparable period in 2010."

He added: "The brief given to the advisory firms was to find the right strategic partner for the company with the skills and financial expertise to support the business going forward - against this background, there is no reason to unduly hurry the sales process."

Robert Dyas operates 100 stores across the south of England and reported a turnover of £104m for the year ended March 29 2011.

Source : Housewareslive.net
www.housewareslive.net/news/news.asp?id=7244&title=Banks+confirm+Dyas+sale+is+on+the+cards

08 August 2011
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