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.
Author:
Publish date:
Social count:
0
5_Chris Crombie 300 .jpg

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.

Related

5_HOBBYCRAFT 7.jpg

Hobbycraft carves a niche

Hobbycraft is side-stepping the difficulties faced by the vast majority of retailers and is in fact posting some impressive growth figures along with bold expansion plans. Katie Roberts spoke to MD Chris Crombie to find out more?

Featured Jobs

Gameplan Job Logo 620 x 349

Sales Director UK

Our client is a well established privately owned UK toy manufacturer which has won numerous awards for outstandingly innovative toys, gifts and gadgets. A correspondingly outstanding and talented UK Sales Director is to be recruited who has the potential, the will, the drive and the ambition to advance to a higher position within a few years.

Vivid Job Logo 620 x 349

Digital Marketing Executive - Toys & Games

Vivid is Britain’s biggest toy company and the 20 largest in the world. With offices across the globe, they sell an amazing portfolio of toys and games to over 60 countries. Vivid is best known for its association with blockbuster brands and is very excited about future opportunities around the world.