Woolworths Bid By Dragons Den entrepreneur Theo Paphitis

1 December 2008

Business tycoon and Dragon’s Den panelist Theo Paphitis is one of ten bidders looking to acquire collapsing Woolworths.
Known best for his role on the angel investment and hair raising entrepreneur's show, Paphitis may now get a chance to turn the Woolworths chain around as he has done so with a few of his other businesses, such as stationary chain Ryman's. 

The former Millwall football club chairman is said to be worth more than £100million, but with Woolworth's estimated at £385 million in debt, it may just not be enough. 

In fact, city analysts don’t believe that Mr. Paphitis will be able to produce all the funds needed to fund the Woolworths business.  
Ardeshir Naghshineh, a businessman who owns 10% of the company's stake, is also on the list. Several supermarket groups are also in negotiation.

According to Deloitte, the firm's 30,000 staff should keep their jobs through Christmas until a sale can be arranged.

[Daily Mail

TOPICS:   High Street News

4 comments

  • chrisg
    I can see the pitch to the dragons now.. [Woolies CEO]: So, basically speaking we're a confectionery seller. Sort of. Well we also sell DVDs and CD compilation sets of Dance Hits from 1997. [Theo]: Right - and what about your future business plans? [Woolies CEO]: Err... well.. we're going to abandon the Lottery machines as well.. err.. they took our license to sell them from us, but we're replacing that revenue with a new line in laser guided scissors*. [Theo]: And what sort of stake do you want to offer up? [Woolies CEO]: How about £1 for our near £400m debt? We do have the leasing rights to some very good high street stores in identikit high streets countrywide. [Theo] *dreams of seeing a Rymans on every high st* * I kid you not - they sell them.
  • Mr W.
    COCK
  • Big D.
    How does Rymans stay afloat ? It seems to have more staff than customers !!
  • Andrew
    chrisg - hilarious!

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