Paphitis hails sales rise at Ryman

Three businesses belonging to Theo Paphitis performed well. Picture: Getty
Three businesses belonging to Theo Paphitis performed well. Picture: Getty
Share this article
Have your say

Stationery chain Ryman became the latest retailer to toast a robust Christmas trading performance as it announced like-for-like sales up 1.7 per cent over the festive period.

The 237-store group is owned by Dragons’ Den entrepreneur Theo Paphitis, who also hailed improved revenues for his Robert Dyas general store business and the Boux Avenue lingerie brand.

Robert Dyas, which has 96 outlets, grew sales by 5.2 per cent over the period from 1 November to 24 December.

Boux Avenue – launched by Paphitis in April 2011 and with 21 UK stores and four overseas – increased revenues by 20.2 per cent.

The group said customers responded well to the product offers from all three brands, avoiding the need for price discounting and resulting in improved profit margins. Paphitis, a regular panellist on the popular BBC television programme for investors, said: “Growth was delivered in all three businesses both online and in store.

“This shows that despite the challenges faced by many high streets across the UK, customers continue to respond to the right product, service experience and a convenience offering, where relevant.”

Annual figures for the year ended in March 2013 were also disclosed, showing Ryman’s earnings held largely flat at £7.1 million against £7m a year earlier after increasing like-for-like sales by 0.9 per cent.

Robert Dyas – founded in 1872 and bought from a management team by Paphitis in July 2012 – saw like-for-like sales rise 11.2 per cent, with operating profits leaping to £4.9m from £1.1m.

Boux Avenue posted a 60 per cent hike in like-for-like sales, with annual turnover of £18.2m and an operating loss of £7.1m in line with expectations for the fledgling business.

The group has recently signed a franchise agreement for the brand to open 29 stores across the Middle East in the next five years while there are also plans to open a further 31 sites in two additional markets.