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Home > PE News

Barclays agrees sale of UK retailer Hobbs to 3i for £111m Barclays agrees sale of UK retailer Hobbs to 3i for £111m

03 Nov 2004. Source: AltAssets.
Barclays Private Equity has agreed the terms of its sale of UK women's fashion retailer Hobbs to 3i for an enterprise value of £111m. 3i has had a string of recent successes in retail and its latest acquisition suggests it remains attracted to the sector.

Barclays bought Hobbs in 2002, since which time its pre-tax profits have doubled and the number of stores has grown from 34 to more than 60.

Stuart McMinnies, 3i director, said: 'We are extremely pleased to join forces with such a strong player in the industry. Hobbs is a great example of a successful, fast-growing British company with a real opportunity to develop internationally.'

3i has recently exited its investments in consumer and retail businesses Pets at Home, Early Learning Centre and Ben Sherman.

Copyright © 2004 AltAssets

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