Dragon's Den star completes Robert Dyas acquisition
18th July 2012
Theo Paphitis, star of the BBC’s Dragons’ Den programme, has completed his acquisition of hardware firm Robert Dyas, with two London and one US-headquartered firms acting as intermediaries in the case.
Retail magnate Paphitis made the transaction through his purpose-built takeover vehicle Gladys Emmanuel Limited and reportedly spent around £10m on purchasing the iconic chain.
Robert Dyas endured a difficult period during the last recession and almost folded before being saved by a management buyout (MBO) in 2009, which was followed by a debt-for-equity deal reached with Lloyds Banking Group and the Allied Irish Bank. Several of the same solicitors with high-ranking finance and real estate lawyer jobs who were involved in the MBO were instructed again here, with the banks now relinquishing their stake in the company.
It has been rumoured in the business press that Paphitis will pick up the pension liabilities of Robert Dyas, although this is yet to be confirmed by the entrepreneur.