Theo Paphitis
Encyclopedia
Theodorus "Theo" Paphitis (born 24 September 1959) is a retail magnate and British
entrepreneur of Greek Cypriot origin. He made the majority of his fortune in the retail sector, and is best known to the general public for his appearances on the BBC business programme Dragons' Den
and as former chairman of Millwall Football Club.
In the Sunday Times Rich List 2008
, he was ranked 581st although his estimated worth had increased to £135 million since 2007. The newspaper reported a rise in his wealth, in April 2009, to an estimated £165 million.
The figures, as reported in The Sunday Times, are conservative when taking into account the £100 million he gained from the sale of La Senza
.
, Cyprus
, Paphitis is the second oldest of five brothers, Marinos, George, Christos and Xanthos. He came to England
with his parents and brother Marinos when he was nine years old. He attended the local comprehensive school
in North London
where he battled with dyslexia
, but began his entrepreneurial activities by running his school tuckshop , at the age of 15.
insurance broker
. Wanting more money, he discovered his passion for retailing and sales, working as a sales assistant for Watches of Switzerland in Bond Street
.
Aged 21, he joined Legal & General
selling commercial mortgages, which taught him to read other businesses' balance sheet
s:
Aged 23, he set up a property finance company with close friend and business associate Mark Moran, and kept going when the friend left in partnership with Hanover Druce, making his first money on the rise of the 1980s commercial property markets. Spotting the rise in mobile telephones, he bought into NAG Telecom, becoming chairman alongside fellow director Tony Kleanthous (now chairman of Barnet FC). Paphitis gained massive market share for NAG by negotiating concessionary positions in Ryman
stationery stores.
When Ryman went bankrupt, Paphitis approached the administrators and bought the company. He turned it around by improving relations with suppliers, and enthusing the management team, cementing his reputation for turning failing companies into highly successful and profitable businesses. His ventures now include 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
, for a reported £100m.
At the end of 2008 Paphitis was one of several interested parties in bidding for failed retail chain Woolworths
. However he later pulled out because of unrealistic numbers quoted by the administrators
out of administration, took the team to Wembley Stadium
, saw their first ever official appearance at Millennium 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 as Millwall manager Dennis Wise
, 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
.
Back to the Floor
series while chairman at Millwall FC, and selling his stake a year later, Paphitis was approached to become one of the "dragons" in the second series of the BBC Two
entrepreneurship series Dragons' Den
in 2005 and has continued to appear in the show, which is now in its eighth series (2010).
Paphitis is known as a straight-talking but approachable and sincere 'dragon' who has made many investments on the show, both alone and as a '50/50' with another dragon invester.
Paphitis has also been severely criticised for his misogynistic and anti-feminist views. On the issue of female equality in the work place he has been quoted by Kira Cochrane of the Guardian newspaper as having said:
"All this feminist stuff," he said, "are we seriously saying that 50% of all jobs should go to women?" Paphitis went on to note that women "get themselves bloody pregnant and ... they always argue that they'll be working until the day before, have the baby, go down to the river, wash it off, give it to the nanny and be back at work the following day, but sure enough, their brains turn to mush, and then after the birth the maternal instincts kick in, they take three months off, get it out of their system and are back to normal". On the subject of paternity leave he suggested that he thinks "it's a bit soppy".
Known to be something of a "petrolhead" and a big fan of Formula One
, his first car, like fellow "dragon" Peter Jones
, was an Alfa Romeo Alfasud
, and he presently owns a chrome Maybach 62, Mercedes SL63 AMG and a Toyota Land Cruiser. His car collection have a series of personalised number plates, including T1HEO and RYM4N (on the Maybach). He also bought Peter Jones a personalised numberplate, saying W411KER (a reference to the word wanker). When interviewed on the BBC show Top Gear
in July 2008 he set a time of 1:48.5 around the Top Gear Test Track
in the Star in a Reasonably-Priced Car segment. Jeremy Clarkson
named Theo as "Theo Pamphlet" on the leaderboard. Paphitis' brother, Marinos, is director for the South Eastern region of the Learning & Skills Council.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
entrepreneur of Greek Cypriot origin. He made the majority of his fortune in the retail sector, and is best known to the general public for his appearances on the BBC business programme Dragons' Den
Dragons' Den
Dragons' Den is a series of reality television programmes featuring entrepreneurs pitching their business ideas in order to secure investment finance from a panel of venture capitalists. The show originated in Japan as "Manē no Tora"...
and as former chairman of Millwall Football Club.
In the Sunday Times Rich List 2008
Sunday Times Rich List 2008
The Sunday Times Rich List 2008 was published on 27 April 2008.Since 1989 the UK national Sunday newspaper The Sunday Times has published an annual magazine supplement to the newspaper called the Sunday Times Rich List...
, he was ranked 581st although his estimated worth had increased to £135 million since 2007. The newspaper reported a rise in his wealth, in April 2009, to an estimated £165 million.
The figures, as reported in The Sunday Times, are conservative when taking into account the £100 million he gained from the sale of La Senza
La Senza
La Senza Corporation is a Canadian fashion retailer based in Dorval, Quebec, Canada, which sells lingerie and intimate apparel. The La Senza brand is currently owned by Limited Brands.- History :...
.
Biography
Born in LimassolLimassol
Limassol is the second-largest city in Cyprus, with a population of 228,000 . It is the largest city in geographical size, and the biggest municipality on the island. The city is located on Akrotiri Bay, on the island's southern coast and it is the capital of Limassol District.Limassol is the...
, Cyprus
Cyprus
Cyprus , officially the Republic of Cyprus , is a Eurasian island country, member of the European Union, in the Eastern Mediterranean, east of Greece, south of Turkey, west of Syria and north of Egypt. It is the third largest island in the Mediterranean Sea.The earliest known human activity on the...
, Paphitis is the second oldest of five brothers, Marinos, George, Christos and Xanthos. He came to England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
with his parents and brother Marinos when he was nine years old. He attended the local comprehensive school
Comprehensive school
A comprehensive school is a state school that does not select its intake on the basis of academic achievement or aptitude. This is in contrast to the selective school system, where admission is restricted on the basis of a selection criteria. The term is commonly used in relation to the United...
in North London
North London
North London is the northern part of London, England. It is an imprecise description and the area it covers is defined differently for a range of purposes. Common to these definitions is that it includes districts located north of the River Thames and is used in comparison with South...
where he battled with dyslexia
Dyslexia
Dyslexia is a very broad term defining a learning disability that impairs a person's fluency or comprehension accuracy in being able to read, and which can manifest itself as a difficulty with phonological awareness, phonological decoding, orthographic coding, auditory short-term memory, or rapid...
, but began his entrepreneurial activities by running his school tuckshop , at the age of 15.
Business career
Paphitis took a job as a tea boy and filing clerk at a City of LondonCity of London
The City of London is a small area within Greater London, England. It is the historic core of London around which the modern conurbation grew and has held city status since time immemorial. The City’s boundaries have remained almost unchanged since the Middle Ages, and it is now only a tiny part of...
insurance broker
Insurance broker
An insurance broker finds sources for contracts of insurance on behalf of their customers. The three largest insurance brokers in the world, by revenue, are Aon, Marsh & McLennan, and Willis Group Holdings.-Purpose of insurance brokers:...
. Wanting more money, he discovered his passion for retailing and sales, working as a sales assistant for Watches of Switzerland in Bond Street
Bond Street
Bond Street is a major shopping street in the West End of London that runs north-south through Mayfair between Oxford Street and Piccadilly. It has been a fashionable shopping street since the 18th century and is currently the home of many high price fashion shops...
.
Aged 21, he joined Legal & General
Legal & General
Legal & General Group Plc , commonly known as Legal & General, is a multinational financial services company headquartered in London, United Kingdom. Its products include life insurance, general insurance, pensions and investments. It has operations in the United Kingdom, Egypt, France, Germany,...
selling commercial mortgages, which taught him to read other businesses' balance sheet
Balance sheet
In financial accounting, a balance sheet or statement of financial position is a summary of the financial balances of a sole proprietorship, a business partnership or a company. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A...
s:
Aged 23, he set up a property finance company with close friend and business associate Mark Moran, and kept going when the friend left in partnership with Hanover Druce, making his first money on the rise of the 1980s commercial property markets. Spotting the rise in mobile telephones, he bought into NAG Telecom, becoming chairman alongside fellow director Tony Kleanthous (now chairman of Barnet FC). Paphitis gained massive market share for NAG by negotiating concessionary positions in Ryman
Ryman
Ryman is the largest British stationery retailer, historically based in London, now based in its £100m headquarters in Crewe, Cheshire.-Formation:...
stationery stores.
When Ryman went bankrupt, Paphitis approached the administrators and bought the company. He turned it around by improving relations with suppliers, and enthusing the management team, cementing his reputation for turning failing companies into highly successful and profitable businesses. His ventures now include Ryman, Contessa, and Partners. He co-owns Red Letter Days
Red Letter Days
Red Letter Days is a UK company which pioneered the concept of giving experience day vouchers as gifts and corporate rewards. Also see Experience gifts....
with fellow Dragons' Den
Dragons' Den (UK)
Dragons' Den is a British television series, hosted by Evan Davis. The format of the show is owned by Sony Pictures and is based on the original Japanese series, which has been sold around the world...
businessman Peter Jones
Peter Jones (entrepreneur)
Peter Jones, CBE is a British entrepreneur and businessman with interests in mobile phones, television, media, leisure, and property. He became a television celebrity through his appearances on the BBC Two show Dragons' Den and on his American television show American Inventor...
. In 2006, he sold his equity stake in the UK and EU segment of the global lingerie brand, La Senza
La Senza
La Senza Corporation is a Canadian fashion retailer based in Dorval, Quebec, Canada, which sells lingerie and intimate apparel. The La Senza brand is currently owned by Limited Brands.- History :...
, for a reported £100m.
At the end of 2008 Paphitis was one of several interested parties in bidding for failed retail chain Woolworths
Woolworths Group
Woolworths Group plc was a listed British company that owned the high-street retail chain, Woolworths, as well as other brands such as the entertainment distributor Entertainment UK and book and resource distributor Bertram Books...
. However he later pulled out because of unrealistic numbers quoted by the administrators
Football
As chairman, Paphitis took MillwallMillwall F.C.
Millwall Football Club is an English professional football club based in South Bermondsey, south east London, that plays in the Football League Championship, the second tier of English football. Founded as Millwall Rovers in 1885, the club has retained its name despite having last played in the...
out of administration, took the team to Wembley Stadium
Wembley Stadium
The original Wembley Stadium, officially known as the Empire Stadium, was a football stadium in Wembley, a suburb of north-west London, standing on the site now occupied by the new Wembley Stadium that opened in 2007...
, saw their first ever official appearance at Millennium Stadium
Millennium Stadium
The Millennium Stadium is the national stadium of Wales, located in the capital, Cardiff. It is the home of the Wales national rugby union team and also frequently stages games of the Wales national football team, but is also host to many other large scale events, such as the Super Special Stage...
, and saw the Lions win promotion to Division One as champions. He is perhaps best known for his work to reduce football hooliganism
Hooliganism
Hooliganism refers to unruly, destructive, aggressive and bullying behaviour. Such behaviour is commonly associated with sports fans. The term can also apply to general rowdy behaviour and vandalism, often under the influence of alcohol and/or drugs....
, and appointing as Millwall manager Dennis Wise
Dennis Wise
Dennis Frank Wise is an English former football manager and player, and former Executive Director at Newcastle United....
, who guided the club to their first official appearance in the FA Cup Final
FA Cup Final
The FA Cup Final, commonly referred to in England as just the Cup Final, is the last match in the Football Association Challenge Cup. With an official attendance of 89,826 at the 2007 FA Cup Final, it is the fourth best attended domestic club championship event in the world and the second most...
in 2004. Paphitis left Millwall on 21 July 2006 and was succeeded as Chairman by Peter de Savary
Peter de Savary
Peter John de Savary is an English entrepreneur and a former Chairman of Millwall F.C. In the 1999 Sunday Times Rich List, he was placed in 971st place with an estimated fortune of £21 million, but was not listed in the top thousand places in subsequent editions.-Biography:De Savary built his...
.
Paphitis holds a large percentage of Isthmian League
Isthmian League
The Isthmian League is a regional football league covering London and South East England featuring semi-professional and amateur clubs. It is sponsored by Ryman, and therefore officially known as the Ryman League. It was founded in 1905 by amateur clubs in the London area...
side Walton & Hersham
Walton & Hersham F.C.
Walton & Hersham F.C. is an English football club located in Walton-on-Thames, Surrey, currently playing in the Isthmian League Division One South. They play in a red and white home kit at Stompond Lane....
.
Television
After appearing on series four of the BBCBBC
The British Broadcasting Corporation is a British public service broadcaster. Its headquarters is at Broadcasting House in the City of Westminster, London. It is the largest broadcaster in the world, with about 23,000 staff...
Back to the Floor
Back to the Floor (UK TV series)
Back to the Floor is a Reality-TV documentary series broadcast on BBC2 in the late 1990s and early 2000s in which CEOs or Top level managers Go undercover in their operations and take a junior/entry level job in their company. This give the bosses a lot think about during this exercise...
series while chairman at Millwall FC, and selling his stake a year later, Paphitis was approached to become one of the "dragons" in the second series of the BBC Two
BBC Two
BBC Two is the second television channel operated by the British Broadcasting Corporation in the United Kingdom. It covers a wide range of subject matter, but tending towards more 'highbrow' programmes than the more mainstream and popular BBC One. Like the BBC's other domestic TV and radio...
entrepreneurship series Dragons' Den
Dragons' Den (UK)
Dragons' Den is a British television series, hosted by Evan Davis. The format of the show is owned by Sony Pictures and is based on the original Japanese series, which has been sold around the world...
in 2005 and has continued to appear in the show, which is now in its eighth series (2010).
Paphitis is known as a straight-talking but approachable and sincere 'dragon' who has made many investments on the show, both alone and as a '50/50' with another dragon invester.
Business philosophy
Paphitis attributes his success to his natural common sense, and his favourite motto is a famous business school motto: KISS: Keep It Simple Stupid. His view on business is:Paphitis has also been severely criticised for his misogynistic and anti-feminist views. On the issue of female equality in the work place he has been quoted by Kira Cochrane of the Guardian newspaper as having said:
"All this feminist stuff," he said, "are we seriously saying that 50% of all jobs should go to women?" Paphitis went on to note that women "get themselves bloody pregnant and ... they always argue that they'll be working until the day before, have the baby, go down to the river, wash it off, give it to the nanny and be back at work the following day, but sure enough, their brains turn to mush, and then after the birth the maternal instincts kick in, they take three months off, get it out of their system and are back to normal". On the subject of paternity leave he suggested that he thinks "it's a bit soppy".
Personal life
Paphitis lives with his wife Debbie in Weybridge, Surrey, to whom he refers as Mrs. P on Dragons' Den. They have five children – two sons and three daughters – and three grandchildren. Two of these five children are twins.Known to be something of a "petrolhead" and a big fan of Formula One
Formula One
Formula One, also known as Formula 1 or F1 and referred to officially as the FIA Formula One World Championship, is the highest class of single seater auto racing sanctioned by the Fédération Internationale de l'Automobile . The "formula" designation in the name refers to a set of rules with which...
, his first car, like fellow "dragon" Peter Jones
Peter Jones (entrepreneur)
Peter Jones, CBE is a British entrepreneur and businessman with interests in mobile phones, television, media, leisure, and property. He became a television celebrity through his appearances on the BBC Two show Dragons' Den and on his American television show American Inventor...
, was an Alfa Romeo Alfasud
Alfa Romeo Alfasud
The Alfa Romeo Alfasud is a compact car made by Alfa Romeo of Italy from 1971 to 1989. It was considered one of Alfa Romeo's most successful models, sold 893,719 examples from 1972 to 1983 plus 121,434 Sprint versions from 1976 to 1989. A common nickname for the car is ’Sud...
, and he presently owns a chrome Maybach 62, Mercedes SL63 AMG and a Toyota Land Cruiser. His car collection have a series of personalised number plates, including T1HEO and RYM4N (on the Maybach). He also bought Peter Jones a personalised numberplate, saying W411KER (a reference to the word wanker). When interviewed on the BBC show Top Gear
Top Gear (current format)
Top Gear is a British television series about motor vehicles, primarily cars. It began in 1977 as a conventional motoring magazine show. Over time, and especially since a relaunch in 2002, it has developed a quirky, humorous style...
in July 2008 he set a time of 1:48.5 around the Top Gear Test Track
Top Gear Test Track
The Top Gear test track is used by the BBC automotive television programme Top Gear. It is located at Dunsfold Aerodrome in Surrey, United Kingdom. The track was designed by Lotus Cars...
in the Star in a Reasonably-Priced Car segment. Jeremy Clarkson
Jeremy Clarkson
Jeremy Charles Robert Clarkson is an English broadcaster, journalist and writer who specialises in motoring. He is best known for his role on the BBC TV show Top Gear along with co-presenters Richard Hammond and James May...
named Theo as "Theo Pamphlet" on the leaderboard. Paphitis' brother, Marinos, is director for the South Eastern region of the Learning & Skills Council.