COVER STORY
[ THEO PAPHITIS ]
KING
OF RETAIL
Theo Paphitis talks to Angela Sara West
about his success secrets, his business tips and how you
too can make your business dream come true
H
aving left school at 16
without qualifications,
Theo Paphitis has always
had an entrepreneurial
spirit.
“Being dyslexic, I constantly found
different ways to create solutions and
that has stood me in good stead ever
since,” he say. “I always worked hard
and had an eye for opportunity, such as
running a school tuck shop when I was
14-years-old.”NEVER LOOKED BACK
As one of the country’s most successful
entrepreneurs, his defining work
moment was moving from his job as an
office boy for a Lloyd’s of London broker
to work for Watches of Switzerland
on London’s Bond Street, where he
discovered his passion for retail.
“I realised the power of a good
salesperson and, crucially, what a
rewarding and passionate sector retail
is,” Theo says. “I’ve never looked back.”At 23, the natural salesman started
his own business in commercial
finance and went on to revive the
fortunes of notable high street names.
In his former role as chairman of
Millwall FC, he took the club out of
administration into the FA Cup Final
and Europe.
In 2015 the self confessed
“shopkeeper” launched the Theo
Paphitis Retail Group, comprising
Ryman Stationery, ironmonger Robert
Dyas and multi award winning global
lingerie brand, Boux Avenue.
He recently sold Red Letter Days,
which he co-owned with fellow
Dragons’ Den judge Peter Jones, while
his latest acquisition is the London
Graphic Centre.KEEPING IT SIMPLE
The Cypriot-born businessman’s
phenomenally successful business
ventures are all privately owned and
“entrepreneurial in spirit”. His successis built on keeping it simple and
working hard.
His worst career gaffe? “Buying a
T-shirt design company called Splash
early on in my career,” Theo says.
“After I had acquired it by raising £5
million via a rights issue, the share
price collapsed and I couldn’t raise
any cash to pay back debts due to
Black Monday.
“After struggling to save the
company, it didn’t work and I was
booted out. I took six months off
to rethink what I was doing, but it
made me realise that often your first
mistake is your best one, because you
can only learn from it.”
What’s at the heart of the retail
king ’s businesses? “Customer service,
customer service, customer service -
and passion,” Theo explains.
He says his companies thrive
because they understand their
customers: “Most importantly,
if you look after your colleagues
then they, in turn, will make sure
your customers are looked after, so
everyone is happy.”EXIT THE DRAGON
As a straight talking stalwart on
BBC’s Dragons’ Den, Theo invested in
numerous small businesses in a wide
variety of industries.
He says of his time on the show:
“As soon as I realised that a good
person with an average idea is a better
bet than an average person with a
great idea, I didn’t look back. Alarm
bells ring when I see and hear a lack
of detail in a pitch. If you haven’t
prepared properly for a meeting that
could make or break your business,
you don’t deserve to be there.”