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Rymans owner and star of Dragon's Den, Paphitis confirmed on Tuesday that he had acquired Robert Dyas.
It was revealed that the 96-strong high street retailer had been bought by Mr Paphitis' takeover company, Gladys Emmanuel Limited.
He also confirmed the acquisition via his Twitter account, stating: "pleased to say just bought the retail business Robert Dyas! I am in the ironmongery business!"
The news came just days after rumours began circulating about the entrepreneur's involvement with the high-street retailer.
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