Hardware retailer Robert Dyas has completed its management buyout.
The retailer, which said the deal is “fully supported” by its banks, said it will now be able to “build on its recent excellent trading performance while safeguarding the future of its employees and stores across the South of England”.
Chief executive Steven Round led the buyout team, which consisted of the company’s senior management, including its new non-executive chairman Ian Gray.
Round said: “I am delighted that we have been able to secure a successful future for the company. We have an exceptional team in place and are well positioned to take advantage of opportunities that are emerging across the retail sector.
“On behalf of the directors, I would like to express our gratitude to all of our employees for the hard work they have put in, which is reflected in the robust trading performance. Our banks have been extremely supportive throughout this process as have our suppliers and the management team is excited about taking Robert Dyas forward in its next stage of development.”
Lloyds Banking Group Business Support managing director Duncan Parkes said: “We look forward to maintaining our excellent relationship with the management team of Robert Dyas and, along with Allied Irish Bank, remain fully supportive of the Company.”
Its previous owners Change Capital, which bought the chain for £61m five years ago, is no longer involved, and its equity has been wiped out.