Robert Dyas saw its losses more than double last year as owner Theo Paphitis steps in to lead a turnaround of the struggling hardware retailer.
The retailer’s pre-tax loss widened to £4.7m in the year to the end of March 2025, compared with a £2.3m loss the previous year, according to Companies House filings.
Its total loss for the financial year also deepened from £2.5m to £6m, while turnover edged up 0.9 per cent to £165.6m.
The figures highlight the scale of the challenge facing the 153-year-old retailer, which was founded as an ironmongery in 1872 and now sells kitchenware, DIY products, electricals and homewares.
Paphitis, who owns Robert Dyas through Theo Paphitis Retail Group, announced last month that he would take over as interim chief executive after increasing his direct involvement in the business last summer.
“At the end of last summer, I increased my direct involvement in the brand, taking up the role of interim CEO to steady the ship and refocus the strategic direction with the brand,” he said.
The former Dragons’ Den star said Robert Dyas had faced a “more testing time” in recent years, as weaker high street footfall weighed on store sales.
In its accounts, the retailer said sales were down five per cent on the previous year, adding: “As widely reported, the high street experienced weaker footfall and we felt the impact of this in our stores.”
The decline comes after a difficult start to the year for UK retail destinations, with wet weather in January and February dampening footfall. High streets and retail parks saw some improvement in March, although retailers had hoped for a stronger boost from Easter trading.
Despite the widening losses, Robert Dyas said the results “do not reflect the strength and loyalty” of the brand, adding that Paphitis’ decision to step in demonstrates his “commitment to the business”.
The retailer pointed to its MyDyas loyalty scheme as a bright spot, with the programme now counting 1.9m members and accounting for around a quarter of in-store transactions.
Paphitis is expected to lean on the wider Theo Paphitis Retail Group as he looks to reshape Robert Dyas. The group also owns stationery retailer Ryman and lingerie chain Boux Avenue.
TPRG has created several new store formats combining Robert Dyas with its recently refreshed sister brand Ryman, including its flagship store on the Strand.
The group claimed the strategy has helped Ryman, which has also launched an app and struck collaborations with fashion brands as part of its own repositioning.
Paphitis said last month that the sale of WH Smith’s high street stores to private equity firm Modella Capital was a “stark reminder” to high street retailers of the need to sharpen their purpose.
He said retailers must “remember their purpose and reason to exist and evolve accordingly”.
