Hobbycraft to sell for £70 million - ToyNews

Hobbycraft to sell for £70 million

The chain's management is believed to be exploring a buy-out from the firm's family owners.
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The Telegraph has reported that the retailer's management, led by chief executive Chris Crombie (pictured), is believed to be exploring the buy-out option from founders, the Haskins family.

It has been reported that Grant Thornton has been appointed to advise the 39-store chain and that an auction process could kick off early next year.

People familiar with the matter said the management has decided to explore buy-out options to find an investor that would be able to help the group quadruple the amount of stores it has.

Hobbycraft's sales over the year to February 22nd, 2009, rose by 11 per cent to £68.7m and profits soared by 67 per cent. And in the 35 weeks since the year-end, like-for-like sales at the chain have risen by nine per cent.

The company is wholly owned by the Haskins family, which is likely to receive a large cash payout from any deal. HobbyCraft declined to comment.

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