Theo Paphitis, the Dragons’ Den star and owner of stationery retailer Ryman, is set to buy hardware chain Robert Dyas for up to £10m, it is understood.
Paphitis, who also owns lingerie retailer Boux Avenue, is thrashing out the details of purchasing the 100-store chain, and a deal may be concluded in the coming days, the Evening Standard reported.
The £10m price is believed to include some of Robert Dyas’ debt with banks Lloyds and AIB, and Paphitis would take on the pension liabilities of Robert Dyas.
The hardware retailer, which posted underlying profit of £3m in 2011, has previously been estimated to have a £15m price tag. .
Robert Dyas’s largest shareholder Lloyds put the retailer up for sale this year. Value retailer Wilkinson had been in the running to acquire the chain but it pulled out of the bidding last month.
A Lloyds spokesman said: “We continue to remain supportive of the company and we are focused on ensuring the success of the current sale process.”