Ryman: Losses widen at retailer owned by former Dragons’ Den star Theo Paphitis
Losses widened at Ryman, the stationery retailer owned by former Dragons’ Den star Theo Paphitis, despite an increase in sales.
In its delayed accounts, the Cheshire-headquartered group posted pre-tax losses of £3.6m for the 12 months to April 1, 2023, after also losing £2m in the prior year.
That was despite its turnover increasing from £105.6m to £111.6m over the same period.
The group’s results for the 12 months to March 31, 2024, are due to be filed with Companies House by the end of 2024.
It added that the rise in its operating losses was due to the increase in costs because of the cost-of-living crisis and the return of business rates.
Ryman said the main reason for the increase in its turnover was because of its “continued recovery” from the Covid-19 pandemic.
Ryman said that its directors are “generally satisfied” with its performance during the year.
The group includes Ryman and London Graphic Centre while it also owns 50 per cent of Partners Properties – the company that owns the freehold in the warehouses and offices occupied by Ryman.
During the year the average number of people employed by the group went from 1,663 to 1,633.
In a statement signed off by the board, the Ryman said: “The continuing high levels of inflation and increase in UK interest rates have led to increased risk within the group.
“The directors are reviewing costs across the business and all strategic decisions are made with the view to mitigate risk and to maintain stakeholder satisfaction.”
Speaking to Retail Week earlier this month, Theo Paphitis revealed that sales at Ryman fell slightly in the year to March 2024 but that its EBITDA increased by around £4m year on year to £2.7m.
Ryman was founded in 1893 and operates more than 200 stores across the UK. The company was bought by Theo Paphitis in 1995.