An MBO at high street chain Robert Dyas was completed yesterday, leaving previous owners Change Capital with losses of almost £30m, even after lenders agreed to roll £30m of debt into the new company.
The management team, made up of five Dyas executives led by ceo Steven Round, struck a deal with Change Capital, raising a reported £1m to buy the company, plus agreeing to take on the £30m debt.
The move saves the company from administration and safeguards more than 1,200 jobs across the chain's store portfolio and head office.