Robert Dyas / Theo Paphitis
Cavendish is delighted to announce that the sale of Robert Dyas to Theo Paphitis completed earlier today. Originally established as an ironmonger some 140 years ago, Robert Dyas is one of the UK’s best loved retail brands, now selling kitchenware, DIY, gardening, home office products and small domestic appliances. There are 97 stores around the UK, mostly located in high street locations and over 1,000 staff.
Theo Paphitis is a well-known UK business personality and a star of the Dragons’ Den television series. Amongst a number of other business interests, Theo is currently chairman of the Ryman stationery chain, a convenience retail operator with a number of similarities to Robert Dyas.
Since a debt for equity restructuring of Robert Dyas in 2009, the majority shareholders of Robert Dyas have been Allied Irish Banks, p.l.c. and Lloyds Banking Group Plc. Cavendish was appointed in 2010 to carry out a full exit review of the business, using its unique in-house exit review practice to position the business for sale and identify any potential due diligence issues at an early stage. Subsequently, in September 2011 Cavendish was appointed by the equity shareholders, debt holders and the Company’s board of directors to sell the business, working with its international partner offices to bring several non-UK purchasers into the process.
The current Chief Executive, Graham Coles, will stay in his position along with other members of the Robert Dyas Board.
The sale of Robert Dyas is the latest in a number of well-known retailers advised by Cavendish, with previous mandates including: Liberty, Phase Eight, Donald Russell, Etam, Myla and Watches of Switzerland.
Jonathan Buxton, partner and head of the Cavendish consumer group, commented: “From the outset, Theo Paphitis showed an understanding of Robert Dyas and an appreciation of the potential of the brand. The Cavendish team are very pleased to see that a business and management team we have worked with over an extended period of time has found such a supportive home.
“We are delighted to be partnering with Rockpool. This transaction will enable us to accelerate our long-term growth objectives and help expand our international presence, especially in the US. Karri and Amy achieved a fantastic result for us and their ecommerce sector expertise, professionalism and unwavering dedication throughout the process were instrumental in achieving a successful completion.”
“We are immensely grateful for the hard work and expertise we received from finnCap in securing this fundraise. Zuleika’s knowledge and communication skills were outstanding. It is the first time we have raised external funds so we were heavily reliant on their introductions, all of which were a good fit for Ro&Zo. Zuleika’s guidance through the process was exemplary. We are delighted to have chosen Pembroke as our new shareholders and look forward to a long relationship with them as we continue our growth strategy.”
“On behalf of all of the shareholders at Peach, a huge thank you to the team at finnCap Cavendish – they have done a great job. With the unprecedented macro back-drop that we have all been experiencing, we needed an adviser who was thoughtful, tenacious and prepared to go the extra mile. We got of all this in spades from the finnCap Cavendish team and it has been a pleasure to work with them. We would not hesitate to recommend them to other business founders and entrepreneurs who are in need of experience-led judgement and advice.”
“I would also like to thank the team at finnCap Cavendish. They have done a great job in finding us the right buyer and running a smart and efficient process. Their support throughout has been excellent and combined with their commercial approach and sector knowledge, they have made great advisers for us.”
“Joe Stelzer and his team at finnCap Cavendish were the perfect partners as we navigated this exciting next step for the group. The firm’s wealth of expertise in advising entrepreneurial growth businesses, partnered with their quality of service and professionalism was invaluable and helped make this deal function as smoothly as possible.”
“This transaction is huge for our business as we look to continue our growth journey. We’re very excited to have raised enough capital from a leading impact investor to expand our market-leading position and maintain standards of excellence across all our products. We’re hugely grateful to the team at finnCap, who played a fundamental role, in what we hope, will be a very exciting growth story.”
“I would like to thank all of those involved in the process that has concluded with us ultimately choosing Neighborly as our partner going forward, those at finnCap Cavendish and our CFO Mike Bergin, without whom this would have not happened.”
Thank you to the Cavendish team for your unwavering support throughout this process. Finding a strategic overseas partner to allow me to realise my global ambition was my number one aim, and this has been achieved. In the current market the result you have delivered is exceptional.
It was a great pleasure to work with the Cavendish team again having originally worked with them when we sold Naked Wines to Majestic Wine in 2015. John, Rebecca and the team rigorously assessed the market to find the right new owner for a business with dedicated staff and suppliers and the right deal to achieve Naked’s goal of realising capital and simplifying the business.
“Jonathan, thank you to you and your team for your tremendous support and wise counsel during the process. You kept a calm head throughout and successfully charted a course to bring us to this great conclusion. David, the team and I are all delighted with the outcome as we now join forces with Cafento to build the brand to even greater heights. I would highly recommend your services!”
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