| Updated:
Hobbycraft bought out for £100m
THE private equity firm Bridgepoint Capital has bought Hobbycraft, the family owned arts and crafts retailer, in a deal worth around £100m.
Bridgepoint beat off competition from private equity firm Exponent and retailer Halfords. Blackstone had expressed interest, but did not submit a bid in time for the deadline.
Hobbycraft started out as one store in Bournemouth, but has grown into the UK’s largest chain of dedicated arts and crafts superstores, with 47 outlets nationwide and sales of nearly £69m in 2009. Bridgepoint believes it can quadruple the number of Hobbycraft stores, taking advantage of “the age of austerity”.