Hobbycraft profits double

Retailer announces a pre-tax profit increase of £5 million to £10.2 million for the year to February 21st.
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Sales for the year were £84.4 million, up from £68.7 million in 2009.

The news comes after Hobbycraft appointed a new chairman, with Superquinn’s Simon Burke joining the team to work alongside CEO Chris Crombie.

During the financial year, Hobbycraft was bought out by Bridgepoint in a deal reported to be worth over £100 million.

In a statement on its website, Bridgepoint claimed: “HobbyCraft is capable of material further rollout in the UK to allow it to take share from smaller specialists and generalist competitors alike, thereby consolidating its dominant category leadership.”

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