Announcing the deal, Smarta board member Paphitis said: "I am very pleased. It is a business which fits well with my investment criteria and I'm looking forward to working with the management team who have done an excellent job in getting Robert Dyas to where it is today."
Paphitis, whose empire already includes Ryman, the stationery
retail chain and Boux Avenue lingerie, will become chairman. Robert
Dyas CEO Graham Coles will remain in his current position.
Geoff Brady, the outgoing chairman of Robert Dyas said: "I am delighted that the business has attracted an entrepreneur of Theo's stature: his track record for growing retail businesses is second to none."
The sale comes after a period of growth for Robert Dyas. Like-for-like sales growth was 3.8 % in the company's last financial year to 31 March 2012 and the company's increasing sales performance has continued into the current year.
Smarta will be getting Theo's inside take on the deal and his plans for Robert Dyas over the next few days. In the meantime check out Theo's top tips for start-up businesses.