Ryman Group boss Theo Paphitis is considering opening more Robert Dyas stores in shopping centres as he seeks to take advantage of new retail property coming online.
Online PR News – 18-February-2013 – Leatherhead, 18 February 2013 – It has been reported that Ryman Group boss Theo Paphitis is considering opening more Robert Dyas stores in shopping centres as he seeks to take advantage of new retail property coming online.
Paphitis is weighing up the co-location of its Ryman, Boux Avenue and Robert Dyas shops as he vies to get hold of larger former Blockbuster, Jessops and HMV properties. The famous entrepreneur said he may make a move into shopping centres following successful trading at Robert Dyas’ only shopping centre store in Lakeside, Thurrock.
Paphitis, who bought the homewares and hardware retailer last July for about £10m, said he has since made significant changes to the Lakeside store, which has been “successful” after delivering a “massive increase in footfall”.
Paphitis, who also owns lingerie retailer Boux Avenue and Ryman Stationery, said it might be an option to buy some of the larger stores and locate more than one of his brands in standalone shops adjacent to one another.
Robert Dyas was originally established as an ironmonger 140 years ago and now has 97 stores and employs more than 1,200 staff.
Robert Dyas recorded a fall in operating profit to £1.6m from £2.8m in 2011.Ryman Group said trading since the acquisition had been “excellent”. It has forecast EBITDA will reach more than £4.5m for the financial year ending March 31, 2013. The retailer is now also free from bank debt.
Gladys Emmanuel Limited, a company wholly owned by Theo Paphitis, acquired the Robert Dyas business on July 10 2012.
Robert Dyas was founded in 1872. It operates a portfolio of 96 stores located across the south of England and has a strong ecommerce business. Its retail proposition is to offer well priced products for the home from convenient high street locations to a loyal and growing customer base.
It employs over 1,200 people in its retail chain and its headquarters are in Leatherhead, Surrey.
Issued on behalf of Robert Dyas’ parent company Cleeve Court Holdings Limited, Cleeve Court, Cleeve Road, Leatherhead, Surrey KT22 7SD.