27 June 2016 - Janet Bird
Crafting crazy Brits have helped Hobbycraft patch together record sales and profits.
The company, which has undergone a major business overhaul during the last three years, saw revenues rise 7.6 percent to £152 million in the year ending February 21. Like for like sales, which exclude store openings and closures, rose nearly five percent during the period.
Hobbycraft, which was founded in 1995 and is currently owned by private equity firm Bridgepoint, also reported a 63 percent increase in profits to £10.9 million before tax, interest, depreciation and amortisation is taken into account.
Television competition 'The Great British Sewing Bee' and programmes such as Kirsty Allsopp's 'Home Made Home' are credited with reigniting consumers' interest in crafts.
Hobbycraft has reacted to growing competition from online retailers and supermarkets, many of whom have started to stock their own arts and crafts goods, by cutting prices and offering free sewing classes to draw in more customers.
Its 'Hobbycraft Club', which was set up in 2014, now has two million members.