Theo Paphitis, TV dragon and retail entrepreneur moved to the UK at the age of 6, having been born in Cyprus in 1959.
Theo left school at 16 with no qualifications due to his dyslexia, and after stints in retail and finance, quickly made a name for himself for turning struggling businesses around. His business empire now spans retail, property, finance and consumer goods.
- Tell us a little bit about your business…
The Theo Paphitis Retail Group encompasses Ryman Stationery, Boux Avenue, Robert Dyas and London Graphic Centre. This is a family of multi-channel brands focused on delivering fantastic customer service and first-class product knowledge.
2. How did you get into the industry?
After Mrs P spotted a job advert in the Evening Standard, I found myself working at Watches of Switzerland at the age of 18. This was my first taste of retail and I quickly discovered that retail was my passion. It was an excellent way to learn about customer service and sales, and I still have the original job advert to this day, as it was such an important stepping stone for me.
3. What are the biggest opportunities and challenges in your industry?
Retail remains an exciting and innovative industry to be in, one which we are incredibly proud of. It is resilient, defiant in the face of the unexpected and continues to create careers at all levels.
One of the biggest challenges bricks and mortar retailers are facing right now has to be the disparity in taxation between online and physical retail. The government needs to overhaul business rates – an archaic and frankly ridiculous tax.
4. How would you describe your leadership style?
Honest, motivating, rewarding.
5. How do you get the most out of the people who work for you?
A fantastic person, with a great skill set and a can-do attitude can be a game-changer for your business, and it’s important to develop, support and hold on to these people, even as you grow into an even bigger company. I surround myself with people who are experts in their field to ensure that as each area needs to develop, you’re in safe hands.
6. What are the most crucial elements to your business running smoothly and being successful?
I firmly believe that most of the answers to problems people have in business are within the organisation itself, and that the answers can be found at a very low level. A fundamental part of my business involves talking to the people who talk to the customers and understanding the why of the business. The team is also key to making things happen and looking for new opportunities.
7. How has the past 12 months been for you?
COVID-19 pressed the supercharge button on a decade-long transformation. Retailers, for the most part, have accepted that the future is hybrid retailing and that it’s here to stay.
So whilst it’s safe to say that the past 12 months brought about a lot of uncertainty, it has also provided my businesses with the opportunity to adapt for the future and emerge stronger than ever. During times of chaos, there is always opportunity and paths to new positive ways of working.
8. What will the next 12 months look like for your business?
I would love to be able to gaze into a crystal ball and predict how the industry will fare, but market forces are unpredictable!
9. What are the highlights of your career so far?
I have been privileged enough to have some truly brilliant experiences in my career and I like to think that I have taken away highlights from virtually all my experiences, working at Watches of Switzerland, purchasing Ryman and Robert Dyas, launching a brand from scratch in Boux Avenue and becoming a dragon in the den are all up there.
And, of course, one of the most invigorating moments of my career has to be when Millwall made the FA Cup final – truly unforgettable
10. What’s the biggest business mistake that you’ve learnt from?
One business mistake I made early on in my career was when I made a bad investment.
It turns out that a large part of the stockholding was in fact old stock that had now gone out of fashion and was consequently worthless.
This situation taught me a major lesson. Assume nothing, trust is earned and don’t be naive.
11. What’s the best piece of business advice you’ve been given?
The best piece of business advice I’ve been given was from my mother – and this was that Cash is King.
My mum used to tell me that a lack of profit is like a cancer, it will get you eventually. A lack of cash flow however is like a heart attack, it will kill you overnight.
If you can’t pay the wages, it’s all over. If you can’t pay the rent, you shut down just like you would if your heart packed up.
