Theo Paphitis is a British entrepreneur and retail tycoon of Cyprus origin. Theo Paphitis became famous for his appearance on BBC Two business reality show Dragons’ Den from 2005 – 2012.
Theo Paphitis is worth an estimate of €290 million. His earnings are from retail business, television appearances, and investments.
Paphitis joined Dragons’ Den panel for its second series in 2005, bringing him to the limelight, aside from his retail business. Here, we chronicle the net worth, age, wife, and the millionaire’s house, who started as a teaboy and filing clerk.
Early life
Theo Paphitis was born on 24 September 1959 in Limassol, Cyprus. His parents left Cyprus when he was six, and they landed in Liverpool before they moved to Manchester. His father initially rented a two-bedroom house in Old Trafford before he bought a two up, two down in Gorton by the time Theo was seven. Paphitis has two brothers and two half-brothers after his parents divorced. He attended Peacock Street Junior School Manchester before his parents moved to London. There, he attended Ambler Primary School and later Woodberry Down Comprehensive School in Manor House. Paphitis battled with dyslexia, making him leave school earlier than expected at 15. He started displaying his entrepreneurial abilities while in high school by running the school’s tuck shop at 15 before getting a job as a teaboy and filling clerk in Lloyds insurance brokerage of London.
Theo Paphitis Entrepreneurial Path
He left the position and took another job as a sales assistant for Watches of Switzerland, where he discovered his passion for retail business. With a desire to succeed, he spent another few years in an insurance and mortgaging position garnering invaluable experiences and skills in financing and property.
At 23, Paphitis co-founded a property finance company with his associate Mark Moran. The company profited greatly from the rise of the commercial property market value in 1980. This was the beginning of his rise in building and creating a retail empire. Paphitis bought into NAG Telecom, having foreseen the need to invest in the fast-rising mobile telephone industry. When Ryman – a stationary selling brand, went bankrupt, Paphitis bought the company and instantly turned their fortune around.
From that moment, he ventured into other retailing businesses. He played a significant role in reviving retails like Stationery Box, Partners the Stationers, Robert Dyas, Boux Avenue, Contessa Lingerie, La Senza, and Movie Media Sports. In 2016, he sold an equity stake in La Senza for €100 million. Paphitis founded Boux Avenue in 2011, and the firm now has over 30 stores in the UK and overseas.
Theo Paphitis and Football
Theo Paphitis was the chairman of Millwall Football Club from 1997 to 2006. Under his chairmanship, the club achieved promotion to the English Championship and reached FA Cup Final playing against Manchester United as well as qualifying for European football. Also, during his tenure, his administration took strategic measures to reduce hooliganism in club football.
Paphitis passion for football didn’t die out after stepping down as the chairman of Millwall FC; he is currently a director and part-owner of Walton & Hersham, an Isthmian League side. His company Ryman stationery sponsors Walton & Hersham, just like a few of his companies sponsor some sporting tournaments. He is also a founder patron of HideOut Youth Zone, an East Manchester’s new youth Club at Gorton Park. He shares in this project because he feels it is a way of letting the youth have fun; part of what he enjoyed in Manchester watching Manchester youth and reserve teams play.
Dragons’ Den and Theo Paphitis
Theo Paphitis joined BBC Two business reality programme Dragons’ Den in 2005 for its second series and spent eight years on the show as one of the viewers’ favourites. However, he made a cameo appearance again on the show during the seventeenth series to stand in for Touker Suleyman, who was ill for a short time. He is dubbed as the third wealthiest Dragons’ Den panelist behind Duncan Bannatyne and Peter Jones. Paphitis made the highest bid in the show’s history to the tune of €250,000 for 30 percent equity in Zapper – a trading website founded by Young Gun Ben Hardyment. Unfortunately, the deal fell through afterward.
One of Paphitis’s most profitable investment on Dragons’ Den is Magic Whiteboard. Neil and Laura Westwood founded the whiteboard business Magic whiteboard. They received €50,000 each from Deborah Meaden and Theo Paphitis for 20% each. By 2014, Neil and Laura Westwood bought back 40% of their company from Meaden and Paphitis, paying them the sum of €800,000. Profitable Right? That was a good deal for the two ‘dragons.’
Other Paphitis investments on Dragons Den include but not limited to:
- Boginabag – a foldable portable folding toilet suitable for festivals, camping, fishing, hiking, & trekking.
- Wedgewelly – high-heeled welly boots of different sizes and colours.
- ThePresent Club – an e-commerce site for children’s gifts, which has now expanded to weddings, birthdays, anniversaries, and other presents.
Paphitis has also appeared on other television series such as BBC Back to the Floor series, Theo’s Adventure Capitalists (2010), Britain’s Next Big Thing (2011), Question Time, and The Agenda. He featured on the BBC documentary series Famous, Rich and Hungry in 2014 to raise money for Sport Relief.
Theo Paphitis wife and house
Theo Paphitis married Debbie Stocker in 1978. They have five children (two sons and three daughters) and four grandchildren. He lives at St. Georges Hill, Weybridge, Surrey Britain, with his family Dominic, 41, Zoe, 39, Alex, 35, and the twins Annabelle and Hollie, 25.
The family of seven started in Carshalton, then Cobham, and finally, Weybridge. Paphitis loves cars, notwithstanding his dyslexia. He has a series of personalized number plates cars. One of Theo Paphitis peculiarities is that he does not agree with some of the other millionaires who believe that it is not right to pass their wealth to their children.
Theo Paphitis net worth
Theo Paphitis is worth an estimate of €290 million. His earnings are from retail business, television appearances, and investments. Theo Paphitis is the face of the government’s auto-enrolment pension initiative.