thisishampshire.net | Your portal to Hampshire

New owner for stores

From the archive, first published Friday 19th Mar 2004.

ONE of the biggest deals in the South of England has been signed for the massive £61million buyout of Robert Dyas, the high-profile chain of garden and home stores that has a shop in Basingstoke.

Clive Hatchard and Andrea Errington, of Tenon Corporate Finance in Southampton, masterminded the multi-million-pound deal that sees Alan Smith, the former boss of supermarket giant Somerfield, take the helm of the hardware firm.

Robert Dyas operates 75 stores in the region. Its flagship store is opposite West-Quay in Southampton.

The chain has been sold to Change Capital Partners, the investment fund set up by Marks and Spencer chairman Luc Vandevelte, and the deal is set to create jobs rather than shed them, as expansion is planned for the future.

Although there has been some loss of confidence in the retail industry in recent months, Robert Dyas has bucked the trend, which made the new investors determined to clinch the acquisition of the group.

The deal involves the top tier of management stepping down, but outgoing chair-man Roger Pedder is confident that the sale will take Robert Dyas through to its next stage of development.

He said: "We have exceeded all of our initial expectations with massive growth and a strong trading record, and we are delighted that the 1,000 staff can now look forward to increased expansion."

Mr Hatchard said: "There was tremendous interest from the outset and we have worked hard to secure the best possible deal for the shareholders."

Archive Home