3i set to offload Hobbs for £80 million

Hobbs is set to go on sale in the coming months as investment bank 3i seeks to offload the struggling fashion brand.

According to The Times, the upmarket retailer said to be a favourite of Duchess of Cambridge will go on sale for up to £80 million.

Following more than 10 years of ownership by 3i, which recently also sold Go Outdoors to JD Sports for £112.3 million, City sources are now expecting investment bank NM Rothschild to be brought in to handle the auction of the retailer.

READ MORE: JD Sports buys Go Outdoors

Despite making £1.4 million profit in the year to January 2016, Hobbs has endured a tough financial patch over the last few years.

This sparked an emergency strategic review and leading to the appointment of chief executive Meg Lustman three years ago in a turnaround effort.

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