Bridgepoint has sold Hobbycraft to Modella Capital. The terms of the sale have not yet been disclosed. Modella has previously invested in the retail sector.
Hobbycraft, which achieved £216m in revenue and recorded a £10.6m profit last year, currently operates 124 UK stores with a diverse offering of craft and hobby supplies. The business has a successful online operation, and its stores are known for offering ‘how-to’ workshops for consumers seeking to extend their crafting abilities.
Joseph Price, managing director, 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.”
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