Dragon's Den's Theo Paphitis explains to LBC why businesses must reopen now

29 May 2020, 10:47 | Updated: 29 May 2020, 10:51

By Fiona Jones

Dragon's Den's Theo Paphitis explains to Nick Ferrari why businesses must reopen soon.

"If we don't get back to work soon, we'll forget how we managed to work in the first place," said Theo Paphitis, chairman of Ryman, Robert Dyas and lingerie retailer Boux Avenue.

"I think we're on the brink to be honest, I don't think we've gone over the brink," Mr Paphitis said, "let's not panic."

Nick cited Phones 4 U founder John Caudwell who told LBC he though we had gone over the brink.

"I disagree with John... I think he doesn't need to panic, tell him," Mr Paphitis said, joking that the billionaire founder won't run out of money "any time soon."

"I think we are on the brink now, we do need to get the economy going," Mr Paphitis said, "we know a lot more about the disease now then we knew before. So before we were all panicking, now it's only people like me that are vulnerable, really oldies.

"We know that many of our younger colleagues should be OK. Nobody wants to catch this and if we're careful, and I don't know what vigilant means but if we're sensible and use common sense, we can limit the chances of catching this.

"But we can't stop in our tracks. If the economy doesn't get going now then we will be going over the brink."

Ryman, Robert Dyas and lingerie retailer Boux Avenue are set to open gradually from June 15.