Hobbycraft
This coverage examines Hobbycraft’s evolving strategy within the UK retail sector. Reporting includes its expansion plans, such as the opening of seven new stores in 2025, and the introduction of dedicated digital crafting spaces and haberdashery areas in new locations. The content also addresses the company’s financial performance, noting an 80% drop in profits for the year ending February 2024 despite revenue growth. Additionally, the analysis covers the impact of Modella Capital’s acquisition in August 2024 and subsequent restructuring efforts, including the planned closure of nine stores in 2025. This information is curated for retail professionals assessing market opportunities, operational challenges, and strategic shifts in the arts and crafts retail sector.
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Oct- 2024 -18 OctoberNews-In-Brief
Today’s news in brief-18/10/24
Boohoo’s CEO, John Lyttle, is stepping down after five years, as the company embarks on a strategic review and secures a £222m debt refinancing deal. The retailer’s new debt facility includes a £125m revolving credit line and a £97m term loan, aimed at supporting future development. The announcement follows a…
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18 OctoberDIY
Hobbycraft profits plummet 80%
Hobbycraft has reported an 80% drop in profits to £393,000, down from £2m the previous year, for the 52 weeks ended 18 February 2024. The art and craft supplier attributed this loss to inflationary pressures and one-off costs that have impacted the retailer’s financial health despite their efforts to drive…
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Aug- 2024 -27 AugustNews
Today’s news in brief-27/8/24
UK shop prices have fallen for the first time since October 2021, with the BRC-NielsenIQ index reporting deflation of 0.3% in August, down from July’s 0.2% inflation. Non-food items saw a deeper deflation of -1.5%, driven by heavy discounts on summer stock, while food inflation slowed to 2%, with fresh…
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27 AugustHigh Street
Modella Capital acquires Hobbycraft from Bridgepoint
Privately-owned specialist retail investment boutique Modella Capital has announced its acquisition of Hobbycraft, the largest arts and crafts retailer in the UK, from majority investor Bridgepoint for an undisclosed sum. Founded in Bournemouth in 1995 and acquired by Bridgepoint in 2010, Hobbycraft has grown to a nationwide business with over…
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21 AugustDIY
Hobbycraft on brink of sale to retail investor
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”.…
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Mar- 2024 -12 MarchNews
Sainsbury’s opens new store at Meols Cop Retail Park
Sainsbury’s has now opened a new 80,000 sq ft supermarket at Meols Cop Retail Park, Southport. The redevelopment of the site took ten years, and the overall cost of the scheme was over £30m. The scheme compromised the extensive redevelopment of an existing retail park with a new purpose-built store…
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Aug- 2022 -2 AugustPeople Moves
Greggs names new chair as revenues rise
Greggs has announced the appointment of Matthew Davies as an independent non-executive director and chair designate. Davies joins the board with immediate effect, and will be appointed as chair on 1 November 2022, when the current chair, Ian Durant, steps down. He is widely experienced in retail, and during his…
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Jun- 2022 -28 JuneDIY
Hobbycraft revenues up 15% as online sales soar
Hobbycraft has welcomed a “robust” set of results in its latest financial year, as revenue rose by 14.8% to £203.1m, up from £176.9m in FY21. Its full-year adjusted EBITDA hit £15.0m, meanwhile, up from £13.8m in FY21 and £14.8m in FY20, before the pandemic. Overall, the group saw a total…
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Oct- 2021 -14 OctoberHigh Street
Hobbycraft launches second exclusive Joules range
Hobbycraft has announced the launch of its second exclusive fabric collection with lifestyle brand Joules. The new range will include Christmas fabric designs, festive panels, as well as sewing accessories in some of Joules most recognisable heritage patterns. It revealed the new fabric designs are available in a “variety of…
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Aug- 2020 -3 AugustCoronavirus
Hobbycraft reports 200% increase in online sales amid lockdown
Hobbycraft has reported a 200% increase in like-for-like online sales in its FY results as it appears to have weathered the impact of the coronavirus. For the year ended 16 February 2020, the craft retailer reported an 8.9% increase in revenues to £193.6m. Adjusted EBITDA increased by 21.9% to £14.8m…
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