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HobbyCraft Sale Confirmed
Listed under: News
Published: Friday, April 30, 2010
One of the industry's best-known art and craft companies has been sold in what is expected to be the most eagerly-anticipated buyout in years.
HobbyCraft, which currently boasts approximately 47 outlets nationwide and hopes to quadruple its store numbers over the next few years, has been purchased by private equity firm, Bridgepoint Capital.
While the full details of the sale are yet to be revealed, it is thought the company has paid more than £100 million for the enterprise.
Speaking to Retail Week, HobbyCraft's chief executive, Chris Crombie, who will be staying on at the company, says, “We have always been very ambitious, 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, adds “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 roll out in the UK and development of its store format, but also to create a significant multi-channel online presence.”
HobbyCraft, which currently boasts approximately 47 outlets nationwide and hopes to quadruple its store numbers over the next few years, has been purchased by private equity firm, Bridgepoint Capital.
While the full details of the sale are yet to be revealed, it is thought the company has paid more than £100 million for the enterprise.
Speaking to Retail Week, HobbyCraft's chief executive, Chris Crombie, who will be staying on at the company, says, “We have always been very ambitious, 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, adds “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 roll out in the UK and development of its store format, but also to create a significant multi-channel online presence.”
Is it going to be a case of “It’s Hobbycraft, but not as we know it”?
I hope that the new owners continue to build on the existing craft materials that they offer and maybe venture into some of the more specialised areas. I have often thought that Hobbycraft could offer a much more exciting shopping experience if only they offered workshops on more adventurous crafts.
Introducing a newcomer to a craft can be very rewarding, not to mention the increase in sales that such workshops would no doubt lead to.
Don’t just sell craft materials to the public, encourage and engage them, put the skills back into their hands and maybe this country will once again become a hive of cottage industries.
I agree with prem2pram regarding the workshops as I was interested in hosting a couple of classes in jewellery making. I made enquiries at the Stockport store on many occasions but have been told that they no longer have the facilities for workshops or even for someone to come in and do a demonstation. I know when I first started making greeting cards (along time ago now) I attended a couple of classes in store and got to know and meet many local people interested in the same craft.