Theo Paphitis pulls out of Woolworths deal

Theo Paphitis has pulled out of the running to buy parts of High Street chain Woolworths, which is on the brink of collapse, reports

The Press Association

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Phaphitis, who has become famous due to his role on the Dragons’ Den television show, had hoped to retain the Woolworths brand by buying a substantial share of the company’s retail business. However, the entrepreneur was unable to secure a satisfactory deal with administrators Deloitte.

Pathitis said: Unfortunately, the constituent parts of Woolworths are more valuable than the whole. The administrators have a difficult job to do and I appreciate that they need to get the highest cash value for the business.

The prime location and size of many of the Woolworths stores makes them an attractive proposition for many larger format retailers such as supermarket chains, so they are very precious sites.

I am very disappointed that my own proposals have come to nothing but at least I know I’ve certainly tried. I hope that an alternative proposal succeeds in securing the future for the many Woolworths employees involved.”

Woolworths went into administration last week along with EUK, the parent company’s CD, DVD and game distribution business, leaving 30,000 employees unsure as to the future of their jobs.

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