Theo Paphitis has slammed the government for its “disappointing” attitude toward the industry’s significance, particularly as his business achieves enhanced profitability.
The retail mogul, whose retail empire includes Ryman, Robert Dyas, and Boux Avenue, said he had increased investment in his brands, which have persevered through difficult conditions the government has failed to adequately address, Retail Week reports.
He told the title: “They continue to kick the retail business rates can down the road.”
“There is no doubt that retailing, particularly on high streets, has tested us to the full, especially coming out of the Covid-19 pandemic, and the lack of any much-needed acknowledgment from the government of retail’s contribution to local communities and economies continues to disappoint.”
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
The most recent trading figures indicated a slight decline in sales at Ryman during the year ending March 2024, with store sales increasing while ecommerce saw a slight downturn as the retailer prioritised profitability in that channel.
EBITDA of £2.7m marked a year-on-year improvement of roughly £4m
Ryman saw its trading margin bolstered by increased footfall in city centre locations, which were heavily impacted during the pandemic and its aftermath, and remain crucial channels for the retailer.
Meanwhile At Robert Dyas, EBITDA for the year to March 2024 was ”broadly in line” with the £0.2m generated last year, despite store like-for-likes falling 3.2%, impacted mild winter weather.
Although ecommerce now accounts for 40% of sales at the retailer.
For Boux Avenue, EBITDA last year is set to show an improvement of £2m in 2023 as it benefited from trading partnerships with retail giant Marks & Spencer and strong peaks on key dates including Black Friday and Valentine’s Day.
Click here to sign up to Retail Gazette‘s free daily email newsletter
