Hobbycraft is close to being sold to specialist retail investor Modella Capital after its private equity owner Bridgepoint put the chain up for sale earlier this year.
The investor is in advanced talks to buy the arts and crafts chain with a deal understood to be made within days, Sky News reported.
It is unclear how much Modella will pay for the retailer, however, it was previously reported that Bridgepoint may only fetch a fraction of the £100m it paid for it in 2010.
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Modella is affiliated to the turnaround firm Rcapital and lists Ted Baker’s UK licensing partner No Ordinary Designer Label, which collapsed into administration earlier this year, under its portfolio of investments.
The firm was reported to be in the running to acquire The Body Shop but looks likely to lose out to beauty industry tycoon Mike Jatania’s Auréa consortium.
Hobbycraft employs around 1,500 people across 119 stores in the UK and is currently embarking on a store expansion programme.
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