Theo Paphitis: 'My school showed me the door at 16 because I was a lost cause'

In this episode I chat to Theo Paphitis, businessman, retail expert, shopkeeper and former Dragon.

We discuss tips retail during COVID-19 and his experiences of surviving school and becoming a business owner with dyslexia. 

You can also visit smallbusiness.co.uk for more on running a retail business and supporting employees with dyslexia.

Remember to like us on Facebook @SmallBusinessExperts and follow us on Twitter @smallbusinessuk, all lower case.

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Hello and welcome to Small Business Snippets, the podcast from SmallBusiness.co.uk. I’m your host, Anna Jordan.

In this episode we have Theo Paphitis, businessman, retail expert, former Dragon and shopkeeper.

Born in Cyprus, Theo came to the UK at age of seven, living in Manchester then London. He left school at the age of 16 with no qualifications after having struggles with dyslexia. He started work as a filing clerk in a Lloyds of London brokerage, moving on to Watches of Switzerland at the age of 18. He had a stint in insurance then returned to retail, taking on names such as Ryman, La Senza and Robert Dyas. In spring 2011, he launched lingerie brand, Boux Avenue. Since then he’s created the Theo Paphitis Retail Group encompassing the aforementioned retail businesses and the London Graphic Centre, which he acquired in 2016.

In 2005, Theo joined Dragon’s Den and in 2012 to focus on his growing retail empire. He came back for a few episodes last year to fill in for Touker Suleyman.

10 years ago, Theo started Small Business Sunday, #SBS, where entrepreneurs describe their businesses via Twitter. Theo retweets his favourites to his audience to boost their exposure.

Today we’re going to be talking about retail in the age of COVID-19 and what it’s like being a business owner with dyslexia.

Anna: Hi Theo.

Theo: Hello! That was quite some introduction.

Anna: Oh, I know. I tried to shorten it, but it’s just come out as ‘Theo’s done quite a lot of stuff!’

Theo: It keeps me busy.

Anna: How are you today?

Theo: I’m good, thank you – in a very soggy Wimbledon.

Anna: Yeah, it seems like that all over the UK. I’m up in Scotland and it’s much the same. But that’s very much, you know…

Theo: I did refrain from butting in there but thank you for doing that for me!

Let’s crack on. I’d like to go back to – I believe you were 15 years old at the time – you opened up a school tuck shop, so retail must’ve been in your blood from quite early on. What was the inspiration behind that?  

Theo: Well, the inspiration was actually a need. I didn’t even know what retail was. I’d been in shops, obviously, but at that age – 14, 15 – there was a need at the school. We didn’t have a tuck shop. And on the basis that I didn’t enjoy school very much and I wasn’t a model student in classes. When I suggested to the school that they fund me to do so, they jumped at it because I didn’t have to sit in class for too long, being disruptive. I’m sure that was the main reason.

I thought it was a great opportunity, it was great fun. It was great to learn on the job, overcome problems – of which there were many – everything from litter to security to stock control. All the things that us shopkeepers do day-to-day now.

So, your first retail job was at Watches of Switzerland and you sold a Rolex on your first day. Tell me what that was like and how did it spark your love of retail?

Theo: On my first day, it was all very different for me from what I was doing as an office clerk before. There’s no paperwork involved, just loads and loads of shiny things. Watches and all bits and pieces.

I spent the morning having my induction by the manager. And then I was let loose on the shop floor, a customer came in and there I was, extolling the virtues of the Rolex Oyster, that I’d only just heard of barely an hour ago. All of the information that’d been fed into me came blubbering out with some authority. And there you go – I had a sale. It was amazing.    

We know that one of the things from this year is that online sales have exploded – what other changes in consumer habits have you noticed this year?

Theo: When we went into lockdown, I said quite publicly that the longer this goes on for, the more consumer habits will cha