Woolworths Bid By Dragons Den entrepreneur Theo Paphitis
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.