Hobbycraft on brink of sale to retail investor
Modella Capital is said to be in advanced talks to buy the arts and crafts retailer from the private equity firm Bridgepoint
Hobbycraft is reportedly closing in on a sale to a specialist retail investor, Sky News has reported.
Modella Capital is said to be in advanced talks to buy the arts and crafts retailer from the private equity firm Bridgepoint.
Sources told Sky that a deal could be signed “within days”.
Modella, which is affiliated with turnaround firm Rcapital, has a portfolio of investments that includes No Ordinary Designer Label, the licensing partner of Ted Baker in the UK, which collapsed into administration this year.
Hobbycraft currently trades from more than 85 stores. It was acquired by Bridgepoint in 2010.
Sky said it was “unclear” how much Modella was likely to pay for the company, or whether other bidders were interested in acquiring the business.
Bridgepoint and Modella Capital have been contacted for comment.