Bridgepoint said to have hired Baird to work on Hobbyrcraft - sources
This isn't earth shattering news but probably interesting for deal watchers in Britain's retail sector.
This week I learned that UK-based private equity firm Bridgepoint has hired investment bankers from Baird to work on a secret project for Hobbycraft, one of Britain's largest arts and craft retailers. Banking sources claimed to me that Baird had been appointed to carry out a strategic review (banker parlance for sale) of Hobbycraft.
Now, to be clear it was in fact the Kleinmanator of Sky News who first reported Bridgepoint - which yesterday sold dental chain Oasis to BUPA for £835 million - might be weighing a sale of Hobbycraft in July. Here is the link to Mark's piece:
http://news.sky.com/story/hobbycraft-to-sew-up-sale-after-profit-boost-10502515
However, when I got in touch with a spokesperson for Bridgepoint, this was his response:
"There is no sale process nor is any planned".
If there is no planned sale then why appoint Baird? The spokesperson, though, refused to elaborate on Baird's appointment. It's all rather peculiar.....