Management team buys Robert Dyas

www.bbc.co.uk

Retailer Robert Dyas has been bought by its senior management, with the new bosses saying they have "no current plans" to close stores or axe jobs.

The bosses of the Leatherhead-based high Street chain also said the deal had the backing of the company's banks.

There had been administration fears unless it could get a new financing deal with its major lenders, Lloyds Banking Group and Allied Irish Bank.

Robert Dyas employs 1,250 staff at its 99 electrical and hardware stores.

It had been reported at the weekend that last-ditch talks were under way between the previous owners, Change Capital Partners (CCP), and the banks.

CCP is a private equity group led by the former boss of Marks & Spencer Luc Vandevelde.

Robert Dyas had told the BBC it was trading profitably so far this year, despite the slowdown on the High Street, and that it had benefited from the demise of Woolworths.

Chief executive Steven Round and new non-executive chairman Ian Gray led the buyout team.

"I am delighted that we have been able to secure a successful future for the company," said Mr Round.

"We have an exceptional team in place and are well positioned to take advantage of opportunities that are emerging across the retail sector."

Lloyds Banking Group said it and Allied Irish remained "fully supportive" of Robert Dyas.