Former Dragons’ Den star Theo Paphitis has vowed to ‘dig deep to keep physical retail alive’ after his businesses were hit hard by the pandemic.
The Boux Avenue, Ryman and Robert Dyas owner said his empire had ‘the kitchen sink thrown at it’ with none of his retail businesses managing a profit last year.
Stationery chain Ryman posted a loss – of £8.5million – for the first time in 25 years. It made a £7.8million profit in 2020.
Losses: Boux Avenue, Ryman and Robert Dyas owner Theo Paphitis (pictured with popstar Mollie King) said his empire had ‘the kitchen sink thrown at it’
Boux Avenue losses narrowed from £14.9million to £3.5million while Robert Dyas was in the red to the tune of £700,000.
But Paphitis remained upbeat, adding that lingerie firm Boux Avenue – whose models include popstar Mollie King – was turning a corner following a strategic review in 2019.
Paphitis said: ‘Boux Avenue has made excellent progress in the last financial year and had a strong Christmas, with the investment in ecommerce and product development in particular enabling this performance.’
The group’s sales for the six weeks to December 24 were up 15.6pc against the same period in 2019.
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