Fri, 29 Jul 2011 | BUSINESS SALE
Lloyds Banking Group and Allied Irish Banks are mulling a sale of hardware retailer Robert Dyas following its return to profit.
The two banks are the controlling stakeholders of the store chain, and have held talks with numerous advisory firms over the past week to assess the sale options for Robert Dyas. It is thought that Cavendish Corporate Finance is the frontrunner to become adviser to the sale process.
The lenders to the retailer, Lloyds and AIB, became Robert dyad's owners after a debt-for-equity swap in September 2010, which cut its debts by half to £15 million following an unsuccessful MBO deal in 2009.
The sale of the business would generate fresh funding to support a store modernisation programme. Worth £30 million in 2009, a sale would now be more likely to bring in £25 million – a reflection of the continued tough trading conditions on the British high street.
Established as an ironmongers with the opening of its first shop in London in 1872, today the retailer sells a wide variety of hardware spanning kitchenware, garden furniture and accessories, cleaning, DIY and electrical products from its 100 stores across the UK.
The company recently posted pre-tax profits of £2.7 million for the year ending 27 March, a complete turnaround from the pre-tax losses of £10.4 million reported for the previous year.
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