Private equity firm Bridgepoint has backed the management buy-out of HobbyCraft, an arts and crafts retailer.
Private equity firm Bridgepoint has backed the management buy-out of HobbyCraft, an arts and crafts retailer.
HobbyCraft has 47 stores across the UK catering to the arts and crafts retail market. Chris Crombie, CEO of HobbyCraft says: ‘There is significant growth capacity and roll-out potential yet to come [from HobbyCraft] which we look forward to achieving in the next five years and beyond.’
The arts and crafts market in the UK is estimated to be worth £2 billion, comprising a range of operators form specialist independents to large generalists. HobbyCraft carries over 35,000 products.
Jason McGibbon, who leads Bridgepoint’s investment activities in the consumer sector, says the company can significantly develop its online presence and will be looking to more than quadruple its number of stores in the medium term.
