Hobbycraft to open new stores as profits rise

Arts and crafts retailer Hobbycraft has announced plans to open three new stores in England, creating 40 jobs.

In its next financial year, the company will establish stores in Bromborough, Merseyside; Biggleswade, Bedfordshire; and Southend, Essex.

The announcement came as Hobbycraft reported adjusted pre-tax profit for its 2022 financial year of £15m, up from £13.8m the previous year.

Total revenue grew by 14.8% to £203.1m from £176.9m in 2021.

Founded in 1995, Hobbycraft now has over 100 stores across the UK selling accessories for art, knitting and crochet, haberdashery, papercraft, wedding and party, baking and jewellery making, amongst other hobbies.

Chief executive Dominic Jordan said that Hobbycraft is “incredibly well placed” for the future, but the 2023 financial year would bring challenges.

“We are conscious that the year ahead will be very challenging, particularly given the significant inflationary pressures on our customers and we are starting to see this impact on market demand in the early part of full-year 2023,” Jordan said.

He added that the company had seen a significant increase in freight costs.