Theo Paphitis: Losses slashed in half at Ryman despite falling sales
The group behind Ryman, the stationery retailer owned by former Dragons’ Den star Theo Paphitis, has slashed its loss almost in half despite falling sales.
The Cheshire-headquartered group has reported a pre-tax loss of £1.49m for the year to 30 March, 2024, according to new accounts filed with Companies House.
The figure comes after Ryman Group posted a pre-tax loss of £3.67m in the prior 12 months.
The results for Theo Paphitis’ business, which were due to be filed with Companies House by the end of 2024, also show Ryman’s turnover decreased from £111.6m to £108.9m.
Ryman Group said the drop in its turnover was mainly due to the reduction on online sales “as we focussed on improving the profitability of our channel over revenue generation”.
The group includes Ryman and London Graphic Centre while it also owns 50 per cent of Partners Properties – the company that owns the freehold in the warehouses and offices occupied by Ryman.
Ryman was founded in 1893 and operates more than 200 stores across the UK. The company was bought by Theo Paphitis in 1995.
Theo Paphitis’ Ryman still ‘confident’ despite tax hikes
A statement signed off by the board said: “During the year under review, Ryman Limited and London Graphic Centre Limited have both delivered improved EBITDA [earnings before interest, taxes, depreciation and amortisation].
“Ryman Limited’s return to positive EBITDA performance is for the first time post the Covid-19 pandemic.
“Focus on trading gross profit and management of costs were the underlying reasons behind the improvement.
“The progression seen during the year being the result of improved trade from our existing and well-established channels, as well as investment of money, time and effort in developing new initiatives to drive a better understanding of our customers and their needs.”
Ryman added: “As widely reported, the outlook for the global economy is uncertain and the cost pressures on businesses and consumers are continuing.
“We are also facing into the government changes on employment taxes and increases to minimum wage which add increased cost pressures to the business but we remain confident that our plans enable us to mitigate these increases and continue to grow our operations and provide our customers with great products and services for many more years to come.”
‘Breakthrough’ year for Boux Avenue
In a statement, Theo Paphitis said: “I am delighted to report that after building on its 2024 growth performance (year end 2024).
“2025 has also delivered a major breakthrough year for Boux Avenue, taking the brand into profitability – representing over £7m improvement in the EBITDA in the last two financial years.
“This performance rewards the hard work of the management and wider team, the
elevation and warm reception of the Boux Avenue product range and a targeted marketing
strategy.
“In addition, Boux’s partnerships with the likes of M&S, Next, Very and ASOS have also
helped to extend the reach of the brand, and have been a key part of its success over the
last few years.
“In my 30th year of owning heritage brand Ryman, it is encouraging to see footfall return to the city centres, and this has also helped to prove our new Ryman Design concept of great stores in key city locations.
“Fruitful partnerships, with the likes of Legami, also add reasons for a younger demographic to shop, in store and online, with Ryman.
“Services also continue to shine in store, driving footfall, with print services growing and providing much repeat business.”