NEWS

Hobbycraft owner mulls possible sale

Published on: 7th February 2024

It has been speculated that Bridgepoint, which bought Hobbycraft in 2010, is considering a sale of the arts and crafts retailer.

Private equity firm Bridgepoint acquired Hobbycraft for £100m more than a decade ago, which resulted in huge growth for the crafts chain. The owner has taken on Raymond James, a US investment bank, to explore the prospects for Hobbycraft. One potential strategic option will be to sell, but it is estimated that with the price now only standing at between £60m and £70m, this would create a shortfall of at least £30m for Bridgepoint.

Since the initial investment from Bridgepoint, Hobbycraft has more than doubled in store count to 119, three of which opened in 2022, and opened a new warehouse, increasing its distribution opportunities. The superstore has approximately 1,500 employees.

According to the Retail Gazette, sources have said that this is the first time that Bridgepoint has considered new strategic options for the retailer.

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