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Retail brands under the Theo Paphitis Retail Group have reported growth in earnings, with Boux Avenue and Ryman recording significant improvements in profitability for the year ending March 2025.
Lingerie retailer Boux Avenue saw EBITDA rise by £6.4m to deliver a profit, as sales grew by 6.9% during the period, supported by improved margins and strong performance during Christmas and Valentine’s campaigns.
Stationery specialist Ryman reported a 20.5% increase in EBITDA to £1.94m. The brand is on track to reach £3m in EBITDA for the year ending March 2026, driven by new arts and crafts ranges and service expansions.
Meanwhile, Robert Dyas faced challenging high street conditions over the year, though e-commerce sales rose by 11.8%. This included 22.4% growth from its dropship proposition. Business owner Theo Paphitis has stepped in to lead the brand.
The brand said it experienced “more challenging” trading in its 93 high street stores in the year with like-for-like sales falling by 5%. This was a combination of seeing lower footfall and an unseasonal summer and winter.
London Graphic Centre also recorded a 17.4% increase in like-for-like sales. The business achieved record levels for sales and EBITDA, including its highest single-day trading during a promotion for students.
Theo Paphitis, owner and chairman of Ryman, Robert Dyas, Boux Avenue and London Graphic Centre, said: “I am delighted with the performance of Boux Avenue over recent years as it continues to deliver growth in sales and a significant improvement in profitability, now a compelling brand in the marketplace. We have made further progress in the current year which sees previous investment in the brand rewarded by double digit growth on top of the 6.9% sales growth of the prior year.
“Ryman, having felt the impact of the pandemic the most within our group, I am pleased to say has returned to delivering a positive EBITDA, with a further stepped improvement into the current year. We are in a time where other heritage bands, such as WH Smith, have disappeared from the high street. A stark reminder to high street retailers to remember their purpose and reason to exist and evolve accordingly, especially in a time when the customer is more promiscuous than they have ever been due to online choice.”
He added: “Robert Dyas has had a more testing time and at the end of last summer, I increased my direct involvement in the brand, taking up the role of Interim CEO to steady the ship and refocus the strategic direction with the brand, as I have with other brands in my Group over the years. Whilst we have seen positive trading with our Ecommerce business, which was 11.8% in the year reported, we needed a refresh and to deliver more consistently to our loyal customers through our well positioned store portfolio.
“London Graphic Centre is iconic, both in its product range and position in Central London, and has fast become a go-to place, not just for art professionals, students and lovers of stationery but also for tourists who enjoy the iconic backdrop and retail experience.”
He concluded: “I am proud of the resilience and creativity shown by all of my brands to progress in such a difficult environment. Retail is a crucial sector, and contributor to our economy and communities, but we are still seeing long-standing brands face difficulties or disappearing from our high streets. I have personally continued to provide support to all of our companies and the growth delivered I have seen is very encouraging.”
