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R Capital eyes bid for high street ironmonger Robert Dyas

Little Chef owner R Capital has emerged as one of the potential bidders for Robert Dyas.

The turnround specialist joins discount retailer Wilkinson as a possible suitor for the ironmonger. They are the only two to have emerged, though some sources suggest there is international interest. Robert Dyas has been majority-owned by its lenders since 2009.

Lloyds Banking Group and Allied Irish Banks took control, after a debt-for-equity swap with its owner at the time, Change Capital.

The auction of the firm, which is being managed by Cavendish Corporate Finance, started in January, having been put on hold last autumn.

Bidders submitted second-round offers last month. It is expected to fetch £25 million.

R Capital paid £9 million to take Little Chef out of administration in 2007. It closed 66 sites in February as part of a pre-pack arrangement. Robert Dyas recorded profits of £1.9 million on turnover of £103 million in the year to the end of March last year.

Both Robert Dyas and R Capital said there were no discussions under way.

Source: Alex Hawkes - This is Money
http://www.thisismoney.co.uk/money/markets/article-2133469/R-Capital-eyes-bid-ironmonger-chain-Robert-Dyas.html


22 April 2012
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