The parent company of stationary retailer Ryman has confirmed it would be acquiring the London Graphic Centre, an art and design retailer.
Owned by Core Capital, the London Graphic Centre was established in 1973 and its flagship Covent Gardens store takes up a space of 7000 sq ft.
The transaction with Theo Paphitis Retail Group – which owns Ryman as well as Robert Dyas and Boux Avenue – includes the Covent Garden store as well as London Graphic Centre’s online business.
The sum of the transaction has not yet been disclosed.
“London Graphic Centre is a specialist retail brand that has interested me for many years, given some of the similarities it has with categories ranged in Ryman,” Theo Paphitis Retail Group chairman Theo Paphitis said.
“Its heritage, excellent location and opportunity for online growth, are what make the business a welcome addition to our group.
“I have been impressed with the passion that the management team and their colleagues at London Graphic Centre have for the business and look forward to investing in it to extend its brand presence, current ranges and build on its success."
Core Capital’s David Steel said he was “delighted” to be selling the London Graphic Centre to Theo Paphitis Retail Group.
“We believe they will be able to develop its unique position in the marketplace and enable the business to develop even further,” he said.