Hobbycraft on brink of sale to retail investor Modella Capital
One of Britain's leading arts and crafts retailers is on the brink of being sold to a specialist investor whose executives have backed chains including Paperchase and Tie Rack.
Sky News has learnt that Modella Capital is in advanced talks to buy Hobbycraft from the private equity firm Bridgepoint.
City sources said a deal could be signed within days.
Modella is affiliated to the turnaround firm Rcapital, a former owner of Little Chef.
On its website it lists its portfolio of investments as including No Ordinary Designer Label, the licensing partner of Ted Baker in the UK, which collapsed into administration earlier this year.
Sky News revealed at the weekend that Ted Baker's remaining 31 stores in Britain would close this week, putting 500 jobs at risk.
Hobbycraft trades from more than 85 stores and has been owned by Bridgepoint since 2010.
The chain was founded in 1995.
It was unclear on Tuesday how much Modella was likely to pay for the company, or whether other bidders were waiting in the wings if the deal fell through.
Bridgepoint declined to comment, while Modella could not be reached for comment.
-SKY NEWS
