Retail entrepreneur Theo Paphitis’s Ryman stationery business has bought art and design materials specialist London Graphic Centre.

London Graphic Centre, which the tycoon described as a “stand-out destination in the world of arts and graphics”, operates from a well-known flagship in London’s Covent Garden, and sells online.

The business, founded in 1973 is seen as being complementary to Ryman, which trades with small businesses as well as consumers.

Paphitis said: “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.

“Its heritage, excellent location and opportunity for online growth are what make the business a welcome addition to our group.

“I look forward to investing in it to extend its brand presence, current ranges and build on its success. It is a fantastic sister brand for Ryman and a market we understand, know and love. The acquisition will result in opportunities for both Ryman and London Graphic Centre in several ways.”

Paphitis bought the business from Core Capital for an undisclosed sum.

Core Capital investment partner David Steel said he was pleased to be selling to “an owner that lives and breathes retail and, importantly, knows and understands London Graphic Centre.”

Steel said: “We believe they will be able to develop its unique position in the marketplace and enable the business to develop even further.”

Ryman is part of Theo Paphitis Retail Group, which also includes hardware retailer Robert Dyas and lingerie specialist Boux Avenue.