Hobbycraft has been bought by Modella for an undisclosed fee after 14 years in the hands of Bridgepoint Group PLC (LSE:BPT)
Specialist retail investor Modella was confirmed to have taken over the arts and crafts retailer on Tuesday after Hobbycraft had been put up for sale in February.
Under Bridgepoint, Hobbycraft grew from 47 stores in 2010 to 124 today, with some 2,000 staff now employed by the retailer.
Modella managing director Joseph Price said the firm would continue “accelerating the team’s growth strategy through investment in [...] physical footprint”.
“[This displays] a real commitment to bricks and mortar retail,” he added after Britain’s highstreets have come under pressure in recent years following the pandemic and cost of living crisis in quick succession.