Hobbycraft sold?

Reports claim the retailer has been sold to Bridgepoint Capital for more than £100 million.
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Retail Week has reported that the arts and crafts chain, originally valued at £70 million, has been sold in a management buyout, backed by the private equity firm.

Bridgepoint recently secured exclusive talks with the retailer following a number of bids from other parties interested in the sale, including motoring and cycling retailer, Halfords and private equity firms, Exponent and TA Associates.

Chief executive Christ Crombie, who will stay on at the business, said: “We have always been very ambitious for HobbyCraft and have developed the business to become the leading specialist in its field, but there is significant growth capacity and roll-out potential yet to come which we look forward to achieving in the next five years and beyond.”

Bridgepoint’s Jason McGibbon said: “HobbyCraft is a quality business with great potential. We have tracked its progress for some time and believe that there is now significant scope for the business not only to grow through further rollout in the UK and development of its store format but also to create a significant multi-channel online presence.”

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