Buyers circle in Hobbycraft auction

The field to buy the retailer has been narrowed down to six serious bidders.

Author:: Katie Roberts
Publish date:: Mar 10, 2010
Social count:: 0

Private equity firms Exponent, Bridgepoint Development Capital and TA Associates are among the firms chosen to enter the second round of bids due in April, according to reports.

The first round of bids attracted up to 20 indicative offers last month. It is unclear if Lloyds Development Capital is still in the frame to acquire the 47-store retailer.

Isis, Phoenix Equity Partners and Graphite Capital are no longer believed to be in the running.

Hobbycraft has been valued at £75m, but it is now thought it could fetch up to £100m. The retailer has few direct competitors and has been cited as having the potential to grow from 48 to 180 stores.

Despite an initial interest, it is thought Halfords did not enter the first-round bid, but it is unclear if it has since held talks with Grant Thornton, which is running the sale.

It is likely that whoever buys the retailer will retain the current management team, led by Chris Chrombie, the chief executive.

Reports claim the retailer has been sold to Bridgepoint Capital for more than £100 million.

The private equity group is in discussions to acquire the retailer for over £100 million.

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The chain's management is believed to be exploring a buy-out from the firm's family owners.

The arts and crafts retailer continues its expansion plans with a new outlet.

Retailer appoints new Chief Financial Officer and Retail Operations Director.

The retailer has opened the first of its new look stores in Orpington, Kent.

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Former owner of the beleaguered retailer expresses an interest in arts and crafts chain.

Retailer hopes to more than double store portfolio in next five years.

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