Following rumours in recent weeks, it was confirmed yesterday that Hobbycraft has been acquired by specialist retail investment group Modella Capital for an undisclosed sum.
The arts and crafts retailer has been owned by private equity firm Bridgepoint since 2010. It has invested heavily in Hobbycraft, more than doubling the size of its store estate and strengthening its distribution network.
Modella is affiliated with the turnaround firm Rcapital.
Hobbycraft’s Chief Executive Dominic Jordan commented: “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.
“I would also like to thank Bridgepoint for their support and collaboration over the past 14 years. Hobbycraft has evolved into a leading name in the arts and crafts sector and I am confident that, together with Modella Capital, we have a very bright future ahead of us.”
Modella Capital’s Managing Director Joseph Price added: “Hobbycraft is a business with fantastic potential, boasting a highly experienced management team, truly passionate store colleagues and real authority in a sector on the high street that continues to grow and is set to do so in the future.
“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”.
Last month, Hobbycraft confirmed that it plans to open seven new stores in 2025 after recently opening its fifth new outlet of 2024 in Blackpool. This took the total of stores opened over the last four years to 26, with it now operating more than 120.
