Robert Dyas losses double as Dragons Den star eyes turnaround
Robert Dyas saw its loss double last year as Dragons Den star Theo Paphitis attempts to reverse the fortunes of the struggling hardware retailer.
The company’s pre-tax loss widened to £4.7m last year, more than double its previous £2.3m setback, according to previously unreported Companies House filings.
Former Dragons Den magnate Theo Paphitis announced last month he is taking the reins as chief executive of Robert Dyas, which he owns along with a string of high street retailers.
The hardware retailer’s turnover jumped marginally, improving by 0.9 per cent to £165.6m, as its total loss for the financial year grew from £2.5m to £6m.
The accounts, for the year to the end of March 2025, reveal the scale of the financial difficulty facing the high street firm.
Dragons Den star steps in amid ‘testing times’
Announcing his decision to install himself as boss of Robert Dyas, Theo Paphitis said last month the retailer has faced a “more testing time” in recent years.
“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,” he said.
Sales at the hardware retailer were down five per cent on the previous year, with the company’s accounts blaming falling high street activity.
“As widely reported, the high street experienced weaker footfall and we felt the impact of this in our stores,” the firm said.
High street footfall fell significantly at the start of this year, as wet weather in January and February dampened retail sales.
Activity on high streets and at retail parks grew slightly in March, but retailers warned they had been hoping for a bigger boost from Easter shopping sprees.
Robert Dyas said its loss “does not reflect the strength and loyalty” of the brand, and said Paphitis’ decision to step in demonstrates his “commitment to the business”.
The retailer said its MyDyas loyalty scheme is a reason for optimism, as the program counts 1.9m members and accounts for about 25 per cent of its in-store transactions.
Robert Dyas was founded as an ironmongery in 1872, and now sells kitchenware, DIY equipment and electrical appliances.
Paphitis leans on Rymans to boost Dyas
The company is owned by Theo Paphitis Retail Group (TPRG), which also owns stationer Rymans and lingerie chain Boux Avenue.
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.
When announcing his move into the executive chair at Robert Dyas, Paphitis said he was concerned by the recent sale of WH Smith’s high street stores to private equity firm Modella Capital.
The sale was a “stark reminder to high street retailers to remember their purpose and reason to exist and evolve accordingly,” he said.