Thu, 11 Mar 2010 | BUSINESS SALE
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.
Highly experienced team in place, with a suitable candidate to fill an upper-level management position, if required. Serves a large regional client base, with clients operating in industry sectors including education, healthcare and facilities.
Strong pipeline of future work, which is currently valued at £2m. Provides over 2,500 unique automotive engine components for a comprehensive range of leading brands, catering to OEMs and wholesalers worldwide.
SIA / Safe Contractor approved, manned security and accredited training course specialist with impressive nationwide reputation and client base.
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