Trading Update: Theo Paphitis Retail Group - Year Ended March 2025 and Current Trading Highlights
Boux Avenue
Boux Avenue brand resonates with customers as it delivers a major step forward in its profitability, with EBITDA improving £6.4m to deliver a profit following sales growth of 6.9% and improved margins. Progress has continued throughout the current year and is on track to see a further and significant improvement in EBITDA to at least £4m, for the year ending March 2026, following a particularly strong Christmas and Valentine’s campaign seeing double digit growth.
Boux Avenue’s ranges and marketing campaigns, focusing on fit, aspiration and style resonated with our customers across all channels and translated commercially.
The business has continued its momentum and strong trading throughout the current year (ending March 2026) and is on track to see a further and significant improvement in EBITDA to at least £4m.
The year culminated in a strong peak with 'double digit' sales growth and margins with love continuing into February well ahead of plan (+30% Y-on-Y from 1st-14th Feb 26).
All channels; stores, e-commerce and partnerships, have shown good growth over the last 2 years.
Our confidence in the brand has seen us open new stores in Manchester Arndale, an improved relocated store in Liverpool and a larger store in the Trafford Centre. Store refits include Bluewater underway, and Westfield London planned in the coming weeks.
Looking ahead, we intend to continue to delight our loyal customers and explore opportunities in new markets through further partnerships.
Ryman
Progress continued for Ryman with an increase in EBITDA of +20.5% for the year reported to £1.94m. EBITDA for the year ending March 2026 is expected to be comfortably ahead of £3m.
Growth in margins delivered through new and improved ranges, focus on higher-margin products and the success in services, particularly in-store.
Stores opened in Artillery Row, High Street Kensington and a further Ryman Design store in Bluewater.
Extensive work undertaken in repositioning the offer and stores for the future, with investments in services, partnerships, and own-brand product ranges (Ryman arts and crafts).
Further investment in the Ryman Design concept, now totalling five stores.
Increased joint stores with Robert Dyas, most recently in Epsom, and new Ryman Post Offices have opened.
Ryman remains committed to high streets with over 130 years of heritage.
London Graphic Centre
The iconic arts brand based in Covent Garden is trading strongly, with current year like-for-like growth at 17.4% (stores and ecommerce Yr end 2025).
Strong growth in the current trading year will see a further significant improvement in EBITDA.
Renowned for supporting the arts community, including the London Graphic Centre x Theo Paphitis Art Prize, now in its 5th year.
Robert Dyas
Our strategy on growing our e-commerce business saw double digit growth at 11.8% for the year reported, including 22.4% from our Dropship proposition.
Investments in technology and click & collect proposition continue to enhance customer experience.
Robert Dyas loyalty programme MyDyas reached 1.9m members, with 25% of transactions associated with MyDyas.
Challenges in 93 high street stores (-5% LFL sales) addressed through ranging reviews and introduction of relevant services.
Optimising space and increasing productivity via joint stores with Ryman, now 12 in total, including a combined store on the Strand and in Epsom.
EBITDA loss of £3.4m (2024 – loss £0.7m) does not reflect brand strength; management changes and Theo Paphitis as Interim CEO to refocus performance across channels.
Message from Theo Paphitis
“I am proud of the resilience and creativity shown by all of my brands to progress in such a difficult environment. Retail is a crucial sector, and contributor to our economy and communities. We continue to support all of our companies and the growth delivered is very encouraging.”
ENDS
Monday March 16th 2026