February 7, 2013
Press Release - Dragons' Den
After nine intense and fun packed series working with the BBC and the Dragons' Den team, sadly it's time for me to say for the final time, "I Am Out".
This has not been an easy decision or one that I have taken lightly, but with the workload involved in growing my exciting, successful new lingerie brand Boux Avenue both in the UK and internationally, along with my recent purchase of the Robert Dyas retail chain and the running of the 240 Ryman stationery shops, the time felt right to give up my seat, stop breathing fire and allow someone else to enjoy the wonderful experience of being a Dragon on the BBC hit TV show, Dragons' Den.
So, it just leaves it for me to say thank you to all past and present Dragons, the brilliant production teams that made the show what it is and of course the BBC for allowing me to participate in the first place.
Thank you Auntie. I Am Out.
p.s. A big Good Luck to the new Dragons!
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January 12, 2013
Ryman, Boux Avenue and Robert Dyas
Christmas Trading & Financial Statements for Year ended March 2012
- Like for like increases for Christmas trading; Ryman 2%, Robert Dyas 14.7% and Boux Avenue 79.4%.
- New retail concept Boux Avenue expanded to 17 stores in the UK and 3 International stores.
Trading in line with business plan to generate profits for the year ending March 2015.
- Robert Dyas acquired in July 2012 makes immediate impact in trading and profits.
- No bank debt in any of the businesses with cash balances held on balance sheets.
The results cover the period from 1 November to Christmas eve.
Trading at Ryman, Robert Dyas and Boux Avenue, the retail businesses owned by entrepreneur Theo Paphitis, over the Christmas period was positive for all three businesses.
Ryman which has 237 stores nationwide registered a like for like increase of 1.1% in store and 2% when including on-line. Theo has owned Ryman since 1995.
Robert Dyas, purchased in July 2012, saw a double digit like for like increase of 12.9% in stores and 14.7% when including on-line. Robert Dyas has 96 stores mainly in the south.
Boux Avenue which he launched in April 2011, saw the 7 stores enjoying their second Christmas rattle up a like for like increase of 54.3% and 79.4% when including on-line. Boux Avenue now has 17 stores in UK shopping centres and 3 overseas franchise stores. The 17 UK stores and on-line showed a 182% increase over the comparable period last year.
Theo Paphitis comment:
In what is a challenging Retail and economic environment, I am delighted that all 3 of my retail businesses delivered a positive performance over the crucial Christmas Period. The businesses are obviously at different stages of development under my ownership so I am delighted to see them all make good ground both in store and online this year.
The focus for 2013 will include expanding Boux Avenue further in the UK and overseas, continuing the positive work at Robert Dyas both in store and online, as well as building on the consistent performance that Ryman has delivered over the last 15 years for me. It is exciting to be involved with a newly created brand like Boux Avenue and at the same time have two heritage brands like Ryman (120 years old) and Robert Dyas (140 years old), trading in the High Street, Shopping Centres and On-line.
I will continue to invest in a sector that has always thrilled me, seeking other opportunities and further continue to expand my existing retail brands. With no bank borrowing in any of the businesses and substantial cash deposits we are in the envious position of setting our own agenda and strategy for the long term benefit of our colleagues, customers and the businesses.
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Financial Statements Year ended 31 March 2012:
Operating Profit for the trading business for the year to 31 March 2012 was marginally ahead of 2011 at £7.04m v £7.00m. This was an increase from £6.2m in 2010. Like for like sales at +0.7%.
Note 1: Profit before tax for Ryman Limited of £14.4m for 2012 includes a dividend of £7.2m from subsidiary and is not comparable with 2011 profit before tax of £7.2m.
Note 2: Ryman Group Limited - parent company for Ryman Limited and property investment.
Boux Avenue Limited
The business as a concept was launched in April 2010 and started trading in April 2011 with its first 6 stores and a website. The year ended 31 March 2012 represents Boux Avenue's first year of trading with a total of 8 stores.
Operating loss of £8m on turnover of £6.9m is in line with expectations for first year of trading. The investment has been made to establish a world-wide lingerie retail brand selling its own designed and manufactured product which now has 17 stores and a first class website in the UK and 3 stores overseas. The business has now created over 500 new retail jobs in its first 18 months of trading.
2013 plan is to see UK stores increased to 25 and a further 10 overseas. The UK website is already seeing more than threefold increase on the launch year.
Boux Avenue expected to be profitable in year ended March 2015. Investment to establish brand made by Theo Paphitis from own resources and will be over £30m.
As mentioned above, Christmas trading for 2012 was very encouraging seeing like for like growth of over 50% for its first 7 stores. Growth is expected to continue into 2013 as the stores mature and the brand increases its presence in the UK and overseas.
The financial statements for the year ended 31 March 2012 represent a period prior to Theo Paphitis purchasing the business in July 2012.
Operating profit for the year ended 31 March 2012 was £1.6m from £2.8m in 2011.
Trading since the acquisition has been excellent with Christmas seeing double digit like for like growth. Forecast for the financial year ending 31 March 2013 is for EBITDA to be over £4.5 million.
The business is now also free from bank debt.
Theo Paphitis comment:
I am pleased with the performance of all 3 retail businesses I own. At different stages of their lifecycle, all are performing in line with my expectations despite a difficult UK retail market. We will continue to focus on driving our established brands; Ryman and Robert Dyas, and nurturing Boux Avenue through the early stages of establishing and growing a brand worldwide. Whilst I expect 2013 to be every bit as challenging as the previous two years for the UK economy, I believe with the continued support of all my colleagues the businesses will continue to meet their plans. I look forward to exploring what retail has to offer both here in the UK and overseas. Investing my own funds allows me to implement strategies that are right for the long term, which continues to excite me.
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December 14, 2012
Small Business Sunday initiative from Theo Paphitis
Theo Paphitis has always been supportive of entrepreneurial small business owners.
Small Business Sunday, shortened to the hashtag (#SBS) on Twitter, was created by Theo in October 2010. It now has its own website at www.theopaphitissbs.com which showcases businesses selected by Theo each week for a retweet.
Each week Theo rewards six small businesses that tweet him @TheoPaphitis and describe their business in one tweet including the all-important hashtag #SBS. Only tweets made in the time slot between 5.00 PM and 7.30 PM on Sundays count.
As he has over 300,000 followers, this can provide a massive boost to the chosen businesses. There have been over 650 winning businesses to date.
There is great camaraderie between the businesses who trade special offers with other winners, thanks to the interactive website, designed by #SBS winners, Metalfrog Studios.
Theo hosted the first #SBS event in March 2012 at the Edgbaston Stadium where he met over 400 small business owners. The feedback from the event was phenomenal as has been the media interest in this simple yet extremely effective initiative.
If you have a small business that needs a boost, explore www.theopaphitissbs.com, get your thinking cap on and start tweeting @TheoPaphitis!
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December 5, 2012
Advertising Hat-Trick for Theo Paphitis
- From Nightwear to notebook and homewares -
Boux Avenue, Ryman and Robert Dyas on TV this Christmas
When many businesses are cutting their marketing budgets, Theo Paphitis has chosen to do the opposite with his three key retail brands - Boux Avenue, Ryman Stationery and Robert Dyas.
The very first TV commercial for the Boux Avenue lingerie and nightwear brand has just broken on ITV's Daybreak, showing a fun and flirty campaign with the tag line, Reveal The Magic this Christmas at Boux Avenue.
The sassy 30-second TV film was created in house and complements radio and press campaigns that run in the build up to Christmas. Media buying is with TMS 12.
There are 17 Boux Avenue stores in the UK, franchises in Iceland, Malta and Gibraltar and an interactive website. The brand was launched just 20 months ago and is the fastest-growing lingerie and nightwear label in the UK.
Ryman Stationery, which is a 120-year-old business, is running its first ever TV commercial, breaking nationally this evening. There are two 20-second films - one promoting an HP printer and a Brother Labelling Machine and a second advertising Really Useful Boxes and a Moshi Monsters Colouring & Writing set.
The strapline says, For great deals and perfect gifts, you can rely on Ryman .
The latest TV campaign to promote Robert Dyas broke in late October and features nine different 30-second ads. The commercials all feature special offers from leading brands such as Morphy Richards, Russell Hobbs and BT, as well as new gadgets and gifts such as the American Originals Cake Pop Maker at £16.99 and the Doctor Who Remote Control Dalek at £24.99. Advertising for the Robert Dyas Christmas Sale starts this week.
Ryman hired 438 Marketing in Manchester for their campaign while the Robert Dyas adverts were produced by the London-based production company, Fin. Media buying for both campaigns is through the7stars.
TV Dragon Theo Paphitis, who is chairman of all three companies said, "I am thrilled to see all brands on TV at the same time. The ads are designed to drive traffic to our stores and on line during the crucial pre-Christmas peak weeks. Feedback to our first Boux Avenue ad has been phenomenal and I look forward to hearing similar feedback from our new Ryman and Robert Dyas campaigns."
The combined group comprises 349 stores and 3,600 employees who serve over 28 million customers a year.
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July 10, 2012
Robert Dyas Group
Sale of Robert Dyas Group to Theo Paphitis
The Board of Robert Dyas Group ("Robert Dyas" or "the company") announce the sale of the company to
Gladys Emmanuel Limited, a company wholly owned by Theo Paphitis, for an undisclosed sum. Mr Paphitis, famous for his appearances on BBC TV's Dragons' Den series, heads a retail and property empire that includes Ryman, the stationery retail chain and Boux Avenue lingerie.
Robert Dyas majority shareholders have been Allied Irish Banks, p.l.c. and Lloyds Banking Group plc since the restructuring of the business in 2009 via a debt for equity arrangement. In January 2012 a sales process was initiated under the aegis of Cavendish Corporate Finance.
Geoff Brady, the outgoing Chairman of Robert Dyas, commented:
"I am delighted that the business has attracted an entrepreneur of Theo's stature: his track record for growing retail businesses is second to none. Under his Chairmanship Ryman, which shares both the "convenience" retail positioning of Robert Dyas and a long and distinguished history on Britain's high street, has gone from strength to strength growing both organically and through acquisitions."
"The sales process attracted a great deal of interest from potential buyers, both from the UK and overseas, but I believe this transaction provides significant benefits both to the Robert Dyas team and to our customers. We will not only benefit from the expertise and experience of Theo and his team, but will also see a considerable strengthening of our financial position that will support the continuing development of the Robert Dyas business."
Theo Paphitis, who will join the Robert Dyas Board as Chairman said, "I am very pleased with the purchase of the Robert Dyas business. It is a business which fits well with my investment criteria and I'm looking forward to working with the management team who have done an excellent job in getting Robert Dyas to where it is today."
The current Chief Executive, Graham Coles, will stay in his position along with other members of the Robert Dyas Board. Chairman Geoff Brady and Non-executive Director Ian Gray leave the Board.
Kypros Kyprianou, Group Chief Executive of Ryman joins the board as Director.
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