DRAGONS’ Den star Theo Paphitis could be about to save Jersey’s troubled Woolworths store, it has emerged.

The multi-millionaire is believed to be working on a plan to rescue the high street giant’s most profitable branches and preserve the Woolworths brand. It is thought that Jersey’s store in King Street will be one of the most desirable of Woolsworths’ shops, as it is reputed to be the retailer’s biggest and most profitable branch.

And the Jersey store’s takings on Thursday last week, the first night of late-night Christmas shopping, is likely to make it even more appealing. Takings were up 500 per cent as shoppers rushed to get a bargain from the King Street store.

Mr Paphitis, who has revived the fortunes of several other companies, including stationers Ryman and Partners and the La Senza lingerie chain, has not commented about the plans.

The Jersey branch (above) is reputed to be the retailer’s most profitable branch and saw takings up by 500% on the first day of late-night Christmas shopping