The arts and crafts retailer has been majority-owned by fund management group Bridgepoint since 2010, but has changed hands for an undisclosed sum.
Bridgepoint put the chain up for sale in February. In its Tuesday announcement, Hobbycraft said it made adjusted earnings before interest, taxes, depreciation, and amortisation of £10.4 million in the financial year ending in 2024. Modella Capital specialises in investing in retailers. It has previously put money into chains including Paperchase and Tie Rack.
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