UK- MBO in the cards for Robert Dyas

Leatherhead-based Robert Dyas offers electrical, kitchen, houseware, gardening and DIY products. The company, which employs 1250 people in the South East across 105 stores, is reportedly in financial difficulties.

Current owners Change Capital Partners (CCP) have been negotiating Robert Dyas' debt with Lloyd's, which is said to be around £30m.

The management team, led by managing director Steve Rounds and restructuring specialist Ian Gray, who joined the business recently, have confirmed that they are close to completing an MBO with support from Lloyds TSB, according to reports.

In 2004, CCP backed the management buy-in of Robert Dyas from shareholders advised by Tenon Corporate Finance in a deal valued at £61m. CCP assumed a majority stake in the business with management holding the balance. The transaction was facilitated through a £32m debt package comprising senior debt, working capital and mezzanine provided by Lloyds TSB Acquisition Finance.

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• Topics
• Buyouts
• UK / Ireland
• Consumer