Angels Den Blog

Traditionally you’d expect to hear the pounding of heavy hoofs accompanying the jingle of chain mail as over a distant hill a banner blazoned with shield and griffin, fluttering in the wind, reaches for the sky. Then in an instant, silhouetted in front of the dying golden globe of the sun, the hero knight appears, seemingly taller than any man should be, riding forth to save the day…well, not today.

Today it’s the dragon, not the knight, that’s in the news, and Woolworths is the damsel in distress that must be saved from the clutches of the evil accountants. Theo Paphitis, best known to TV audiences as a no-nonsense millionaire dragon on Dragons’ Den, is a turnaround specialist. From the age of 23 he has been buying up struggling companies and turning them into successful enterprises. His portfolio includes the Ryman and Partners stationery chains, the Contessa and La Senza lingerie chains, Movie Media Sports and Red Letter Days, which he bought with fellow dragon Peter Jones from Rachel Elnaugh, who appeared in the first series or two of the show.

Theo well and truly has the Midas touch, and rumours suggest that he may have his golden sights set on the hundred-year-old Woolworths chain. It seems that he is one of ten serious potential bidders in negotiation with administrators Deloitte for the ill-fated chain of over 800 retail stores. It is said that his plans are to preserve the Woolworths brand and to keep most of the branches; however, some of the less profitable ones may be sold to rivals to help make the business more viable.

With over 30,000 jobs at stake, this Christmas is likely to be a very nervous time for quite a few families. Although they have now ceased trading online, we are told that the retail outlets will remain open until after Christmas, when the fate of this household name and the people in its employ will be determined by the successful bidder. If this is Theo Paphitis, no doubt he will work his turnaround magic once again and we will see Woolworths on our high streets for at last another hundred years.

Sources:
The Guardian
BBC News

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