Robert Dyas has paid its private equity owners Change Capital £2.75m in fees for ‘strategic’ advice, according to The Daily Telegraph.
It comes as the management team of the troubled retailer, led by chief executive Steve Round, is trying to secure a management buy-out of the company, which would, in effect, leave Change Capital with no holding.
According to The Independent, if the deal is successfully completed, the 99-store retailer plans to more than double its store estate.
Sources close to the situation said Lloyds, the retailer’s bank, was “coming to the end of its tether” with Change Capital, while the private equity group accused the bank of pursuing an “unnecessary administration”.
Talks are still ongoing between Robert Dyas management and Lloyds about a management buy-out. It is hoped a deal will be done before Easter.