Profits double at HobbyCraft

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HobbyCraft, the out-of-town arts and crafts retailer, has shown why a private equity firm acquired it for more than £100m this year by nearly doubling annual profits.

The 50-store retailer posted pre-tax profits of £10.2m for the 12 months to 21 February, compared with £5.2m the previous year, according to accounts filed at Companies House. Following Bridgepoint's acquisition of HobbyCraft in April for more than £100m in a management buyout deal, the private equity firm said it could comfortably add another 100 stores. Hobbycraft's sales jumped by 23 per cent to £84.4m over the year.