Theo Paphitis: Business rates ‘will kill the high street on its own’

Ryman’s chairman Theo Paphitis has backed Labour’s plans for business rates reform as he blasted the efforts made by the previous government.

Speaking at the 2025 Retail Technology Show, Paphitis said the current system “will kill the high street on its own at some stage”.

The former Dragon’s Den investor called for a level playing field across retail, saying “the previous government ignored the rise of online”.

“We must have been the only people on the whole planet who didn’t realise that there was enough online business out there,” he said.

On the previous Conservative government, Paphitis described the ten prior ministers he met in charge of the High Street as “absolutely proper muppets on the greasy pole”.

“They did absolutely nothing, all the issues were right in front of their nose,” he said.

“The good news is that the present UK government acknowledged the problem [of dying High Street stores] in their manifesto and a governmental whitepaper is due in the autumn.”

“Of course, the new government have made a few mis-steps themselves in their nine months in charge, as they learn the ropes, and they’ll have to stop blaming their predecessors soon once they hit the one year in charge mark,” he added.

The retail investor, who also owns Boux Avenue and Robert Dyas, added that any reform has to acknowledge that the way we shop has changed.

“Consumer habits have become more promiscuous. I can’t believe how promiscuous consumers are,” he said, commenting on how people no longer stick to one retailer when shopping for clothing.

The industry “did this to ourselves” as well by offering over generous promotions and free delivery to entice shoppers.

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