He said any acquisitions would have to fit with changing habits, adding that “shopping local has benefited” from the shift to working from home during the pandemic.

The entrepreneur, who is thought to have been among the suitors for Paperchase after the stationery retailer fell into administration last month, continues to look for potential acquisitions, saying “all our businesses were bought in bad times”. We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply.ĭespite the difficulties at Ryman and Boux Avenue, Paphitis said he was “still confident on physical retail” and plans to open at least another seven Robert Dyas stores including one this week. For more information see our Privacy Policy. Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. Sales at Robert Dyas rose by just over a third to £164m, helping the home and garden supplies retailer bounce back into the black with an £868,000 profit in the year to 26 March 2022 compared with a £2.1m loss a year before. Year to date, sales are up 16.5%, there is good growth coming through and that’s fantastic but you have got to understand where we have come from,” he said. “It has still not returned to pre-pandemic levels of trade. He said Ryman was taking longer to bounce back from the pandemic than his other retail businesses as many of its stores were in city centre locations that were suffering from the shift to working from home. I’m confident and happy to put my money where my mouth is.” “Either we will renew or we will pay it back. Paphitis has promised to help support Ryman, into which he pumped about £8m during the pandemic, and Boux Avenue. The entrepreneur said negotiations had largely been held up by a requirement for government approval to extend a CBIL. The former Dragon said Ryman had a 25-year relationship with NatWest, the bank behind its coronavirus business interruption Loan (CBIL), and he did not expect difficulties in extending the term and if necessary it could be repaid. Paphitis’s Boux Avenue lingerie retail chain also faces “material uncertainty” despite a 43% jump in sales to £67m, because it has net liabilities of £90m and made a £1.5m loss.

Enter The Dragon by Theo Paphitis