Theo Paphitis acquires Robert Dyas

Theo Paphitis has confirmed via Twitter that he has bought the Robert Dyas business, with the statement:

“pleased to say just bought the retail business Robert Dyas ! I am in the ironmongery business !”

It has been reported by Retail Week that he will become the chairman of the Robert Dyas board, bringing in Ryman Group CEO, Kypros Kyprianou, as a director.

The majority of the Robert Dyas board will continue to hold their posts, including CEO Graham Coles. It is understood that Geoff Brady (current chairman) and Ian Gray (non-executive director) will leave the business.

Paphitis said: “I am very pleased with the purchase of the Robert Dyas business.

“It is a business which fits well with my investment criteria and I’m looking forward to working with the management team who have done an excellent job in getting Robert Dyas to where it is today.”

Source : Twitter; Retail Week
www.retail-week.com