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About Us

In the October of 1893, a young Henry Ryman flipped over the ‘Open’ sign to his brand new shop on Great Portland Street, London. Ryman Stationery was officially born. From then to now, we’ve had over 120 years’ experience in providing essential stationery items, and expert product knowledge.

Over the years, we’ve grown, developed and extended our offering to provide the very best in stationery, office supplies, technology and office furniture. And that ‘Open’ sign that Henry turned over all those years ago is now permanently in place with our fast and helpful website.

With over 200 stores and our online shop, our business accounts and special discounts for students, our unrivalled product knowledge, range and service, and our commitment to giving you the very best products, we’re still just as passionate about stationery as Henry was on that very first day. You can rely on Ryman.

Ryman Ltd, registered number Z6813872 and registered address Ryman Limited, Ryman House, Savoy Road, Crewe Cheshire, CW1 6NA. Registered in England & Wales. VAT Number is 672 5237 29

Financial Highlights

Christmas 2019

  • Group Like-for-like (LFL) sales decline of 1.3% comprised of positive sales at Robert Dyas, flat sales at Ryman and a reduction in sales at Boux Avenue
  • Online sales mix of total business increased to 21.8% for the Group, with Boux Avenue now approaching 50% of total sales and strong e-commerce growth at Ryman, London Graphic Centre and Robert Dyas
  • Ryman: Good performance with total revenue increasing by 1.4% to £129.9m, delivering an increase in EBITDA of 6.5% to £8.2m (FY18: £7.7m) reflecting focus on introduction of new categories, development of related services and customer engagement in store
  • Robert Dyas: Strong performance with total revenue increasing by 6.3% to £131.8m; EBITDA increased to £1.6m (FY18: £0.5m) reflecting strong online growth following introduction of new categories and a good performance in outdoor categories during summer peak
  • Boux Avenue: The business experienced challenging trading conditions throughout the year, which have continued post the period end, resulting in an ongoing strategic and operational review of the business

Theo Paphitis Comment

Looking back at the prior financial year and this Christmas, our Group has delivered a resilient performance in what has been the most challenging retail environment we have ever experienced, underpinned by consumer uncertainty and declines in footfall. I am pleased that Ryman and Robert Dyas, as heritage brands on our high streets, have traded well over the prior financial year. Both businesses put in good performances, growing sales and profits as they focused on strong retail execution and category development, both online and in store. Christmas trading was also creditable for both businesses.

Although a small part of our overall Group, we were delighted to see the London Graphic Centre deliver remarkable LFL growth and online sales following its increased focus on product ranging, customer service and engagement, including the introduction of art-based activities in store.

Boux’s online sales performance during the Christmas period tells its own story, accounting for almost 50% of total retail sales. As a greater proportion of fashion sales migrate online in the UK, it’s clear that the relevance of shopping centres to fashion retailing – and particularly Boux’s core demographic of 18-30 year old females – is dramatically different from what it was when we launched the business in 2011. It is not a surprise, therefore, that trading has been most challenging in the majority of our 30 Boux Avenue shopping centre stores, which has contributed towards a double-digit decline in LFL sales in recent months.

The significant costs of marketing your brand to customers in these locations no longer makes sense, and one of the most significant factors we must address is the rents we are paying across our shopping centre destinations. Boux is still paying significantly above average market rents whilst competitors and co-occupiers have been able to completely realign their rental cost base, often through CVAs. This does not tally with the overall experience we have had with our other businesses located on the high street where we have made some progress in renegotiating rents back towards the market average following constructive discussions with a number of landlords.

We have seen progress with the turnaround plan we implemented at Boux last year and the reaction to our new designs and products has been encouraging. The contribution to Boux’s ranges from product designed by our in house team, led by Zoe Price Smith is increasing and will be entirely influenced by them from the Autumn this year. However, the lower than planned growth in Boux’s overall business, partially impacted by lower footfall experienced at these locations, as well as an unsustainable cost base has meant that we are accelerating a strategic and operational review of the business, leaving no stone unturned. We will look to address our cost base, in particular our rents, as well as addressing the appropriate mix of channels to match the changing needs of our customers. Given the significant importance of the review, this will be led by me personally, supported by our Group board. The publication of Boux’s financial statements will follow pending the outcome of this review.

As I have previously said, the lack of reform and focus on business rates by the Government and other authorities continues to frustrate us and puts at risk one of the key sectors for the UK economy. However, I am a firm believer that both physical and online retail have a future and we are seeing that we are able to deliver further growth through our heritage brands, Ryman and Robert Dyas, through our e-commerce and other new channels. I would like to thank our loyal colleagues and suppliers for their continued support and we remain confident in the strength of our Group and its collective portfolio of brands.

For further information please contact:

Jess Littlewood Group Head of PR, Theo Paphitis Retail Group
[email protected].

Financial Statements

Highlights Christmas 2018

  • Positive like-for-like sales of 3.6% delivered by the Group for the 6 weeks to 24 December 2018.
  • Group Stores like-for-like -1.1%, Group E-commerce growth 27.4%.
  • Online sales mix of total business increased from 16.7% to 20.5% for the Group, with Boux Avenue reaching 42.8%.
  • Like-for-like growth delivered by all brands; Ryman 3.9%, Robert Dyas 1.1%, Boux Avenue 8.1%.

Theo Paphitis comment

I am pleased that the Group, as well as all of our individual brands, were able to record like-for-like sales growth during the Christmas trading period.

The retail market remains an extremely challenging one evidenced by several corporate failures over the last 12 months and is likely to be reflected in trading results across our sector.

It has recently been reported in the press that the Treasury have turned their attention to the tidal waves impacting retail, particularly on our high streets. I would normally welcome this, however, I do wonder whether they are able to see beyond personal interests and conflicts to develop a more level playing field and improved job security for the vast number of people employed locally serving customers in our communities. Will there be a ‘change of tide’? I doubt it. When I see ministers doing personal PR pieces, in the Sunday Press over the Christmas break, comparing their task to that of King Canute to make any meaningful difference to the horrific effects of the dramatic change in the retail landscape… I would say to them “No, Minister you just need to do your job and it's as clear as the nose on your face that serious tax reforms are the answer for the greater good of the Country and the people you purport to serve!” The handling of Brexit, with the disruption and uncertainty caused on one of the most important decisions in recent history gives me little confidence in our government implementing any meaningful change, in the short to medium term.

With time, retailers will and are striving to innovate, taking challenges in their ‘stride’, however, this will be more difficult if we continue to experience the political incompetence and arrogance that has become part of all our daily personal and business lives. The neglect from distracted politicians will ensure that the outlook will remain bleak. I would expect other retailers without the financial strength that we have to come under further pressure as the burden on them is set to increase, once again, next year. I’m afraid to say that I fail to see any signs that we will see a “Strong and Stable” approach to business in the near future.

Our businesses have responded to the challenges presented in different ways. Ryman fared best in store, delivering credible like-for-like sales of 2.5%. This was achieved by strong availability in its core ranges, as well as developing its gifting proposition and services in store like DHL and Western Union. The London Graphic Centre in Covent Garden, acquired by Ryman in October 2016, recorded growth of 2.4% in its second Christmas under the Group’s ownership.

Robert Dyas and Boux Avenue performed more strongly online with growth of 36.7% and 21.4%, respectively. Robert Dyas has successfully developed its ranges and was able to build on growth delivered online earlier in the year. Boux Avenue was probably in the most challenging of markets with discounting a key feature for many fashion retailers. Footfall to key shopping centres has been disappointing, meaning competition amongst brands for customer spend was fierce. Whilst Ryman and Robert Dyas were able to deliver margins ahead of last year, which is very encouraging, this was a challenge for Boux Avenue.

Black Friday has become a permanent fixture during peak trading and perhaps takes the edge away from the Christmas peak as we knew it. All of our brands ran offers through the week, as it has now become, leading up to Black Friday. We are pleased with the response we received from our customers. We have invested significantly in our infrastructure over the last 12 months or so, in particular in building a new warehouse for Boux Avenue as well as a Group Customer Services department to deal with the increased demands in this area. We have planned and invested for our e-commerce businesses to continue to grow across the board.

It was also great to see a new Group initiative of a joint Robert Dyas and Ryman store launched last summer in Bexleyheath, enjoying its first Christmas as such, come in as one of our top performing stores in the period. This success has resulted in us now actively searching for further suitably sited stores to repeat this format.

Despite my frustrations with the environment for doing business, I remain committed to all of our brands and will continue to invest in these as well as look for opportunities to extend the Group as appropriate. That been said, the approach will be a cautious one due to the lack of confidence I have in our current political environment and economic policy, which prioritise power over fixing structural problems, leaving our economy in jeopardy.

Financial Statements Year ended 31st March 2018


Celebrating 125 years, like-for-like growth was 2% in store and 16.9% non-store, giving total like for like sales of 3.4%.

Underlying EBITDA £7.5m, against £8.2m for the prior year, considered a good performance. Slight reduction in profits due to unavoidable increased costs of doing business, as well as maintaining investment in infrastructure and colleagues. Sales in line with previous year at £128m.

New stores including relocations opened in the year reported and since include Liverpool, Kings Road, Wimbledon, New Oxford Street, Grays Inn Road, Great Portland Street and Aston University.

First joint store opened with Robert Dyas in Bexleyheath, seeing both heritage brands under one roof, proving to be very successful, now giving rise to the identification of further openings.

Growth in new product categories as well as services like DHL and Western Union.

Growth delivered in our B2B proposition with Ryman and Theo Paphitis supporting small businesses and young entrepreneurs, including sponsorship of initiatives such as #SBS (Small Business Sunday) and the National Enterprise Challenge.

Strong balance sheet with net assets of £56m.

Trading in current year ahead of last year in both sales and profit.

Robert Dyas

Like-for-like growth of 2.7%, assisted by exceptional performance in e-commerce with growth of 45.7%. This has continued into the current year.

Strong click-and-collect take up from customers, reaching over 50% of orders with option to collect from Robert Dyas and Ryman stores nationwide.

Investment in technology and infrastructure continues to support growth. Since acquiring the business in 2012, investment in new warehouse and systems, website and recent relocation of offices to Wimbledon. Further investment to increase warehouse automation given demands from strong e-commerce growth through the summer and continuing into Christmas peak this year.v

New store opened in Bromley driven by demand in the town for click-and-collect to Ryman store.

Joint store launched with Ryman in Bexleyheath. Both brands under one roof well received by customers and trading ahead of expectations. Further new stores being considered as well as joint stores with Ryman.

EBITDA £0.5m against £2.4m for the prior year, which included 53 weeks of trading. Turnover was £123.9m, £0.5m ahead of previous year. Decline in profit partly impacted by one less week of trading, fixed costs as well as investment made in infrastructure to support growth plans.

Requirements funded through company and Group’s own resources.

Trading in current year ahead of last year in both sales and profit.

Boux Avenue Limited

Strong online growth of 19%, sees share of online business to total sales (stores and e-commerce) increase from 23.9% to 29.3% in the year. This is in line with the original business plan to open 25-30 stores and driving further growth through online sales. The 30th and final store of our business plan opened at the Victoria Centre, Nottingham in November 2018. In the financial year reported the 29th store was opened in Oxford. The share of online sales to total sales has increased further in the current year and is expected to move towards 50% in the next 3 years. During the recent peak Christmas trading period, share of online sales reached 42.8%.

The brand has developed a customer base of over 800,000 active customers signed up both in store and online. Investment made during the year in a Customer Relationship Management tool enabling marketing campaigns tailored to the individual needs and preferences of customers, has improved conversion and spend.

A challenging fashion retail market contributed to negative like-for-like sales for the first time since the brand launched in 2011, despite the online sales growth of 19%. Footfall to key shopping centre locations was weaker than seen in previous years, coupled with poor management of our supply chain contributed to this. A promotional market and currency weakness resulted in lower margins.

Given the Group and board’s commitment to the business, as well as the continued investment made, the decision was made and has now been implemented to considerably strengthen the management team to address issues and drive growth in the brand. This has resulted in the appointment of Michael Kerr as the brand’s first CEO, who was previously at Marks & Spencer for over 30 years and Zoe Price-Smith who joins as Design and Product Director from Hunkemöller, prior to that at Fat Face. Growth is expected to come from e-commerce, other new channels and new product categories being developed under the Boux Avenue brand.

Our plans for the Brand remain ambitious and are exciting, with e-commerce becoming increasingly important. We have also strengthened in this area with the appointment earlier in the year of Verity Till as E-commerce Director. Verity joined Boux Avenue from New Look and has made an immediate impact improving the website implemented last year.

Other major investment has been made in our infrastructure to include a new 75,000 sq ft warehouse at a cost of over £3m to support the growth planned.

New sales channels include wholesaling into , , , and

The decline in store sales, where costs are of a fixed nature, including rent, rates and service charges, coupled with continued investment outlined resulted in EBITDA loss of £8.4m on sales of £47.4m. Whilst a disappointing result, being the first set back since starting the business in 2011, it’s not unusual in a business with a short history, particularly in fashion retailing. We remain fully committed to the brand, as demonstrated by the investment we are continuing to make.

Investment continues to be funded by group’s own resources; free from external debt.

We are confident that the strengthening of our management team together with the infrastructure put in place, will take the brand to its next stage of development. It is well placed to meet the shift in customer requirements as a truly multi-channel retailer and brand.

For further information please contact:

Jess Littlewood Group Head of PR, Theo Paphitis Retail Group
[email protected].

Customer Service

Colleague Training

Ryman is famous for our customer service, and colleagues in our nationwide network are committed to delivering the best customer experience to everyone who visits our specialist stationery stores. We achieve this by hiring people who are passionate about retail and care about our customers, by providing comprehensive training and development programmes, and by recognising and rewarding great performance.

Listening to our customers & colleagues

We are always keen to hear about ways we can improve. That’s why we encourage all our customers – and employees – to come up with ideas on how we can do things better, and what new things we should be doing.

We hope you enjoy your online experience with and if you have any questions, please contact Customer services.


Our Range of Services

As well as being the nation’s high street stationery specialist, many Ryman stores offer additional business services to customers. For example, our services include:

Copy & Print Services – All stores offer in-store print & copy services, and access to our in-house Print facilities to order a wide range of print products. Selected stores can print large format (posters, roller banners and window vinyls) and business cards in-store. All stores can order large format print for delivery.

Document Binding – All stores offer comb binding with selected stores also offering Wire, Click, Thermal & Hardback binding. Some stores produce hardback foiled student dissertations and theses. All stores can order dissertations and theses for delivery.

Laminating – All stores offer Laminating in store up to A3 size.

Fax service – All stores offer an international faxing service

Scanning – All stores offer a scanning service up to A3 size. Selected stores can also scan to email.

Photo booth – Selected stores have a photo booth in store to take your I.D photo’s.

Western Union Money Transfer – We also offer Western Union money transfer services in a selection of stores, allowing customers to send money across the globe in minutes.

For more information about our Business Services please visit services

All stores allow customers to order products for home delivery, which is particularly useful in the case of purchasing heavy items like chairs, desks, filing cabinets and the like. Just ask about this at any Ryman till.

We have been working with DHL since 2010, and have a DHL Service Point at many stores, in order to offer customers a courier service allowing customers to send parcels securely around the world or within the UK.

There are six Ryman stores that also have a Post Office.

Special Offers

Student Discounts

We offer a 10% discount for Unidays members. Students who are not Unidays members, can still receive 10% discount in store by showing their student ID.

We make sure the company’s investment in training ensures that our colleagues in the stores have an in-depth knowledge of their product range.

Gift Cards

We offer special pre-paid gift cards at various prices, allowing your friends and family to choose their own gifts!

Good Causes

Sponsorship and Fundraising

Ryman has a great track record in supporting good causes and has raised £2.5m for Comic Relief/ Sport Relief! Employee fundraising is encouraged at all levels.

Investing in our People


Our Chairman, Theo Paphitis, believes that the most important people in our business are our colleagues who serve our customers. Theo emphasises that people should look forward to coming to work and feel valued and listened to. He is a strong advocate of investing in colleague training, development and apprenticeships.

Colleague Training and Development

We believe in training and developing our colleagues to empower them to fulfil their potential. Our extensive training programmes include a comprehensive induction programme to welcome new colleagues into the Ryman family, customer service, product knowledge and sales training, and a first class management development programme. We pride ourselves on promoting from within and retaining our best people, giving colleagues the resources to help them shine and progress.


We offer Apprenticeships at Level 2 in Retail Skills and at Level 3 in Management. Both programmes provide an externally recognised qualification and are supported by our in house Learning and Development Department and our external training partner, Fareport Training. We’re very proud that our Apprenticeship Programme was Highly Commended in the 2016 National Apprenticeships Awards.

Recognition and Reward

All our colleagues participate in incentive schemes which allow them to share in the success of our business, and our development programmes encourage people to stay with us and build a career. In addition we offer an amazing colleague discount scheme across all Theo’s retail businesses.

A Great Place to Work

We’re proud that our colleagues stay with us for a long time –something that is very unusual within the competitive retail industry. We believe that this, and colleague engagement of 79%, is a sign that our colleagues enjoy working here and feel that we recognise their contribution and support their development.

Ethical Trading

Sponsorship and Fundraising

Environmental Awareness

Product quality is important to Ryman and the company makes sure that all suppliers comply with the code of ethical trading (The Ethical Trading Initiative Base Code) and continues to monitor these standards on a regular basis. Like all forward-thinking companies, Ryman aims to minimise its carbon emissions and has put plans in place to achieve this important aim. (Please see Ryman and the Environment)

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