Robert Dyas, the high street hardware store chain, has concluded a debt-for-equity swap and lined up Geoff Brady, the former Matalan executive, as chairman.

Steven Round, chief executive, said he hoped the deal could put the business on a more stable footing after a turbulent last 12 months. The deal will relieve Robert Dyas of £47m ($78m) of liabilities, reduce its underlying cost of borrowing by £2m and provide increased financial headroom with new banking covenants.