Dragons’ Den star’s lingerie and stationery chains warn of doubts over finances

Theo Paphitis owns Boux Avenue and Ryman, which face material uncertainty' about remaining going concerns

The former Dragons' Den panellist Theo Paphitis says retailers are facing one of the most complex balancing acts ever", as two of his retail businesses face material uncertainty" about remaining going concerns after being forced into the red by the Covid crisis.

His Ryman stationery chain is struggling to refinance a 10m government-backed loan, half of which is due to be repaid in March, after reporting a 2m pre-tax loss in the year. The loss narrowed from 13.2m a year earlier after sales increased almost 40% to 105.6m thanks to the easing of pandemic restrictions.