Robert Dyas’ parent company – Cleeve Court Holdings Limited – today released its results for the year ending March 31 2012.
The housewares and hardware chain, acquired by retail entrepreneur Theo Paphitis last month, revealed a 2.2% rise in sales to £105.9 million compared with £103.6 million in 2011. Like-for-like store sales increased by 3.3% while EBITDA fell to £2.8 million compared with £4.1 million in 2011.
Robert Dyas chief executive Graham Coles said: “We’re pleased to deliver solid sales growth during a difficult economic climate. As announced on July 10, the business was acquired by Gladys Emmanuel Limited – a company wholly owned by Theo Paphitis. We look forward to reaping the benefits of a much strengthened balance sheet that is completely free of any bank debt. In addition, we now have one of the nation’s favourite ‘Dragons’ as our chairman, adding fire, energy and inspiration to all aspects of the organisation.”
Theo Paphitis added: “I’d like to thank all Robert Dyas colleagues for the commitment and effort they put into every part of the business. Their contribution – in particular in providing an excellent customer experience – is vital to the continued success of the business and I look forward to working with all stakeholders for a brighter future.”
As well as being chairman of Robert Dyas, Theo Paphitis is chairman of stationery retailer Ryman and owner of the Boux Avenue lingerie brand.