// LoveCrafts is considering a stock market float after rising demand
// The arts and crafts retailer secured £16m from investors and lenders in January
// Sales of knitting and sewing supplies have risen during the Covid-19 lockdown
LoveCrafts is reportedly exploring a stock market float, or a private fundraise from institutional investors, in a bid to support its global takeover spree.
The online retailer, which specialises in arts and crafts, is mulling a float after securing $22 million (£16 million) from investors and lenders earlier this year.
LoveCrafts said that sales of knitting and sewing supplies have risen during the Covid-19 lockdown, The Telegraph reported.
- Russian discounter Fix Price plans London IPO
- Dr Martens’ senior staff make millions after £3.7bn IPO
The retailer is the latest company to consider a stock market listing, after furniture retailer Made.com announced a London stock market listing worth up to £1 billion last month.
Meanwhile, Russian discount retailer Fix Price is planning a London stock market listing, which could value the company at more than $6 billion (£4.3 billion).
In January, gifts and cards retailer Moonpig announced that it will go ahead with its stock market debut valuing the online retailer at up to £1.2 billion.
LoveCrafts said orders from new customers rose 166 per cent between March and November last year as Brits gained new crafting hobbies while working from home.
The company is mulling a float after it secured $22 million (£16 million) from investors and lenders in January to buy American rival WEBS, the owner of the largest online knitting store, yarn.com.
LoveCrafts expects to record revenues of more than £60 million in the current financial year thanks to the rise in demand.