Hobbs bags £14m of new investment from backer 3i

FASHION retailer Hobbs has received a new £14m investment from 3i, its majority shareholder, and appointed former Maximuscle chairman Iain MacRitchie as its new chair.

The retailer said that total sales since February 2010 have increased by 12 per cent.

The move will also see former Asda executive Tony Campbell step down from Hobbs after eight years, during which time he oversaw two management buy-outs of the chain.

The retailer has also appointed Loraine Woodhouse, the former finance director of Capital Shopping Centres, as finance director.

Nicky Dulieu, Hobbs’ chief executive, said that the fresh funding will provide capital for the development of its trio of brands – Hobbs, NW3 and Limited Edition. Since the launch of its autumn-winter collections Hobbs has sold more than 60,000 coats across 68 styles and 30,000 boots in 60 styles, the retailer said.