Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Hobbs owner writes down value of investment by 40%

The owner of Hobbs has written down the value of its investment in the womenswear retailer by 40% after poor trading in the last quarter of 2013.

Private equity firm 3i, which bought Hobbs in 2004 for £111m, said that the value of its 47% stake in the business had dropped by £14m since September 2013, when it was valued at £35m. Its value in Hobbs had already experienced a significant drop since March last year, when its investment stood at £47m.

Hobbs, which operates more than 140 stores across the UK and Ireland, has not released its Christmas trading results but 3i said “trading weakness in the last quarter of 2013” was to blame for the latest revaluation.

3i revealed that the market remained a challenge for a number of the companies it owns but said that overall its businesses had enjoyed a “good performance”.

Hobbs has recently hired former New Look chief executive Phil Wrigley as chairman, replacing 3i’s Iain MacRitchie who left the womenswear retailer after three years.

 

 

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.