Dragons Den entrepreneur in bid to buy stricken Woolworths
Last updated at 10:29 PM on 30th November 2008
Woolworths' saviour? Dragon Theo Paphitis is one of ten bidders for the High Street store
Dragon's Den panellist Theo Paphitis has emerged as a potential saviour of Woolworths.
The tycoon is one of ten bidders on a short list compiled by accountants Deloitte, administrators for the stricken retail chain.
Ardeshir Naghshineh, the businessman who owns 10 per cent of the company's shares, is also on the list, with several supermarket groups.
Entrepreneur Mr Paphitis, who has already met the administrators, made his fortune turning failing companies around. His successes include the Contessa and La Senza lingerie chains and Ryman stationers.
But it was his role on the BBC series Dragons' Den which brought him to the public's attention as one of a panel of venture capitalists willing to invest their own money in exchange for equity in schemes pitched by would-be entrepreneurs.
However, although the former Millwall football club chairman is said to be worth more than £100million, City analysts doubt he will be able to raise the cash needed to fund the Woolworths business, which has debts approaching £385million.
Deloitte say it is 'business as usual' until a sale can be arranged, which means the firm's 30,000 staff should keep their jobs through Christmas.
Neville Kahn of Deloitte told the Financial Times last week: 'We've got people who want to buy the business as a business and we've got people who want to buy stores. We're talking both to financial players but also to people in the retail trade as well.'
Woolworths, which opened its first UK store in Liverpool in 1909, saw sales plummet as customers turned to supermarkets and the internet to gain better value.
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I think this Theo bloke is just doing this for publicity for the Dragons TV show.
I would lay odds that he will find some excuse soon and not go ahead with it.
Yo theo!
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I agree , its got to be saved its like yet another part of the old Britain is going down the swannie.. Save it Woollies is like an institution i was brought up with Woollies all it needs is some good management and its still a winner ..
- Peter, kent, 30/11/2008 17:24