The arts and crafts retailer has been sold to Modella Capital for an undisclosed sum.
Hobbycraft has been owned by fund management group Bridgepoint since 2010, but was put up for sale in February this year. Bridgepoint has invested heavily in the retailer, more than doubling the retailers’ store estate in its 14 years of ownership to 124 stores with around 2000 employees.
Hobbycraft chief executive Dominic Jordan said: “We are delighted that Modella Capital is the new owner of this great business. Their deep understanding of the retail sector, shared vision and cultural values, combined with significant reserves of growth capital, make them an ideal partner.”
Joseph Price, managing director at Modella Capital, said: “We look forward to accelerating the team’s growth strategy through investment in the physical footprint of the group, displaying a real commitment to bricks and mortar retail, and by enhancing the returns generated from their existing sales channels, including their growing online business.”
Hobbycraft recently opened a new store in Blackpool as part of its store expansion programme. Capitalising on the growth in the arts and craft market since lockdown, Hobbycraft has introduced dedicated digital crafting spaces and haberdashery areas in its new stores, contributing to an 11% rise in sales of stitching kits and 43% in fabric by the metre year-on-year.
