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Hobbycraft doubles profits to £10.2m


Pre-tax profit at arts and crafts retailer Hobbycraft increased by £5 million to £10.2 million in the year to February 21st, it was announced today.

Turnover for the year was £84.4 million, up from £68.7 million during the previous 12 months.

Figures represent a period before private equity firm Bridgepoint Capital took over the business in a deal reported to be worth over £100 million.

Hobbycraft also announced the arrival of a new Chairman earlier this month, with Superquinn’s Simon Burke added to the team to work alongside CEO Chris Crombie.

It would appear the retailer is set to expand its store portfolio under the new ownership and management structure, building on the strong sales results from last year.

In a statement on its website, Bridgepoint claims: “HobbyCraft is capable of material further rollout in the UK to allow it to take share from smaller specialists and generalist competitors alike, thereby consolidating its dominant category leadership.”

Published on Wednesday 24 November by Editorial Assistant

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