Robert Dyas sales bonanza whets Holmes’ retail appetite

Sales at hardware retailer Robert Dyas, owned by Change Capital, will top £100 million for the first time in the financial year ending this month.

Change, of which former M&S boss Roger Holmes is now a partner, is keen to do more retail sector deals. Holmes and Change managing director Steve Petrow want acquisitions that will complement the home focus of Dyas and their other UK investment, Hillary's Blinds.

Holmes said: "There are lots of opportunities because of the restructuring going on in the retail sector, but we'll avoid the undifferentiated mid-market."

However, he said the prices being asked for some businesses were "toppy" and the "frothiness in the market is not helpful".

Robert Dyas, acquired in a £61 million deal last March, was set on the road to recovery by the previous management. It was able to deliver the sales uplift on the back of strong Christmas trading under the new team, headed by Alan Smith. Latest profits have not been revealed, but Change is pleased with performance.

The retailer is now poised for growth, with about 20 more shops set to open this year.