Theo Paphitis
From Wikipedia, the free encyclopedia
| Theo Paphitis | |
| Born | 24 September 1959 Limassol, Cyprus |
|---|---|
| Occupation | Chairman of Ryman |
| Net worth | ▲£135 million |
Theo Paphitis (born 24 September 1959) is a Greek Cypriot entrepreneur based in England.
In the Sunday Times Rich List 2007, he was ranked 557th (down from 444th) with an estimated wealth of £125 million. In the Sunday Times Rich List 2008, he had dropped further in ranking to 581st although his estimated worth had increased to £135 million.
Contents |
[edit] Early life
Born in Limassol, Cyprus, Paphitis came to England with his parents when he was six years old. He went on to attend the local comprehensive school in North London where they failed to detect his dyslexia, but began his entrepreneurial activities by running his school tuckshop, at the age of 15.
[edit] Business career
Paphitis took a job as a tea boy and filing clerk at a City of London insurance broker. He then discovered his passion for retailing and sales, working as a sales assistant for Watches of Switzerland. He became involved in commercial mortgage sales and eventually decided to do it alone. He made his money during the commercial property boom of the 1980s, later developing a taste for company turnarounds.
Before his takeover of Ryman, Paphitis was Chairman of NAG Telecom, a small, early 90s, mobile phone retailer. His co-director was Tony Kleanthous, (now chairman of Barnet FC). Paphitis gained massive market share for NAG by placing them in concessionary positions in Ryman stores. In the mobile phone boom of the mid 90s Paphitis was best placed to take Ryman out of receivership.
Now known for turning failing companies into highly successful and profitable businesses, his ventures include a variety of business organisations: Ryman, Contessa, and Partners. He co-owns Red Letter Days with fellow Dragons' Den businessman Peter Jones. In 2006, he sold his equity stake in the UK and EU segment of the global lingerie brand, La Senza.
[edit] Football
As chairman, Paphitis took Millwall out of administration, saw their first ever official appearance at Wembley Stadium, and saw the Lions win promotion to Division One as champions. He is perhaps best known for his work to reduce football hooliganism, and appointing Dennis Wise as Millwall manager, who guided the club to their first official appearance in the FA Cup Final in 2004. Paphitis left Millwall on 21 July 2006 and was succeeded as Chairman by Peter de Savary.
Paphitis holds a large percentage of Isthmian League side Walton & Hersham
[edit] Other interests
Paphitis became one of the "dragons" in the second series of the BBC Two entrepreneurship series Dragons' Den in 2005.
Known to be something of a "petrol-head" he owned a Navy Blue/Purple Maybach 57 , as well as many other vehicles. No longer has the blue Maybach as he traded it in for a gun metal grey 2008 model Maybach.
[edit] Business philosophy
Paphitis attributes his success to his natural common sense, and his motto is: KISS: Keep It Simple Stupid.
His view on business is:
There are three reasons to be in business. To make money, to have fun – and to make money.[1]
