Dragons Den star steps in to save Robert Dyas
A former Dragons Den star has stepped in to “steady the ship” at a beloved high street hardware store as losses climb.
Theo Paphitis, who owns a string of retailers, has installed himself as interim chief executive at Robert Dyas, as the home improvement and electrical appliance seller battles “testing times”.
Paphitis bought the retailer for £10m in 2012 and the businessman is attempting to secure its future by moving the company into the online shopping market as high street shops struggle.
The retail magnate, who heads Theo Paphitis Retail Group (TPRG) which also owns stationer Rymans and lingerie retailer Boux Avenue, said he was stepping in to return the company to profitability.
He said: “Robert Dyas has had a more testing time and at the end of last summer, I increased my direct involvement in the brand, taking up the role of interim CEO to steady the ship and refocus the strategic direction with the brand, as I have with other brands in my Group over the year.”
“Theo Paphitis will continue in the role of interim CEO of Robert Dyas demonstrating his commitment to the business, and to steer the heritage brand to a renewed reason to exist,” the company said.
Sales at the retailer fell five per cent in the year to March 2025 and recorded a cash flow loss of £3.4, according to TPRG’s accounts.
The figures come in the year before the introduction of a series of tax changes which retailers have said are harming their bottom lines, including increases to national insurance contributions and business rate reforms.
The bid to secure the retailer’s future will see the firm continue to expand its website and click-and-collect services.
TPRG has created a number of new store layouts which combine Robert Dyas with its recently rejuvenated sibling Rymans, including its flagship store on the Strand.
Paphitis claims this strategy has paid off with Rymans, which has recently launched an app and formed collaborations with fashion houses.
High streets ‘under threat’
The businessman said the recent sale of WH Smith’s high street stores to Modella Capital underlines the threat to British brick-and-mortar retailers.
He said: “We are in a time where other heritage bands, such as WH Smith, have disappeared from the high street.
“A stark reminder to high street retailers to remember their purpose and reason to exist and evolve accordingly, especially in a time when the customer is more promiscuous than they have ever been due to online choice.”
Rymans, which Paphitis said was most affected by the Covid-19 pandemic, has launched a new range of stores aimed at artists and professionals and is eyeing up opportunities to expand in Japan.
Paphitis hailed positive results for lingerie seller Boux Avenue, which saw sales climb 6.9 per cent in the past year, with the retailer opening a new store in Manchester and completing site upgrades in Liverpool and the Trafford Centre.
Robert Dyas was founded in 1872 and currently operates 93 standalone shops in the UK.