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HobbyCraft up for Sale
Listed under: News
Published: Friday, January 08, 2010
One of the country's largest art and craft chains has been put up for sale this month, attracting interest from investors all over the world.
HobbyCraft – which is currently owned by Warren Haskins, who is the chairman of the Haskins Garden Centre Group – has a history dating back to 1995 and opened its first branch in Bournemouth, 14 years ago. The store now boasts approximately 39 stores nationwide and stocks more than 38,000 arts and crafts products.
Rumours of the sale emerged late last year, with The Telegraph first reporting news of the plan after it was revealed that Grant Thornton had been hired to assess strategic options for the company. It is believed the chain could be sold for up to £70 million.
The company experienced a very strong 2009, seeing total sales rise to a whopping £68.7 million and hopes to increase its presence in the craft market over the next few years, with plans to quadruple the number of its stores to 180.
The sale is expected to attract attention from a high number of high-profile bidders, with well-known businessmen, such as former Borders UK owner, Luke Johnson, already expressing an interest.
Rumours of the sale emerged late last year, with The Telegraph first reporting news of the plan after it was revealed that Grant Thornton had been hired to assess strategic options for the company. It is believed the chain could be sold for up to £70 million.
The company experienced a very strong 2009, seeing total sales rise to a whopping £68.7 million and hopes to increase its presence in the craft market over the next few years, with plans to quadruple the number of its stores to 180.
The sale is expected to attract attention from a high number of high-profile bidders, with well-known businessmen, such as former Borders UK owner, Luke Johnson, already expressing an interest.
