Six in second round of bids for Hobbycraft

Arts and crafts retailer Hobbycraft, put up for sale in December, has six earnest third parties involved in the second round of bidding, believed to be prepared to pay up to £100m.

Private equity firms Blackstone, Exponent, Bridgepoint Development Capital and TA Associates are among those chosen to enter the second round of bids, which are due in April.

Hobbycraft received as many as 20 initial indications of interest in the first round in February.

It is not known whether Lloyds Development Capital is still in the line up to buy the chain, while Phoenix Equity Partners, Isis and Graphite Capital are not believed to be in the second round of bidders.

Valued at £75m, the company could fetch as much as £100m. It has no direct competitors, and is believed to have the potential to expand to 180 shops.

It has been predicted that the new owner of the retailer will keep the current management team, headed by Chris Crombie, the chief executive.

Founders and owners of Hobbycraft the Haskins family wish to exit the business, and had also been considering a management buy-out led by Chris Crombie.

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