Hobbs to be put up for sale

Women's retailer Hobbs is to be put up for sale by its private equity owner for as much as £80m, according to reports.

The Sunday Times reports that 3i is looking to sell the high-end high street retailer 10 years after acquiring it for £111m and is close to appointing NM Rothschild to handle the sale.

In the year to January 2015 the business, which operates around 140 stores in the UK and Ireland (its international presence includes stores in Sweden and the US, as well as concessions in the US and Germany), made a profit of £1.4m on sales of £104.4m.

Founded in Hampstead in 1981 Hobbs, which is known for its British-designed footwear and clothing and is a favourite of the Duchess of Cambridge, has had a turbulent few years.

Retail veteran Meg Lustman, who made her name at the Aurora Fashions group where she was chief strategy officer for almost 10 years and managing director of Warehouse from November 2009 to February 2013, was drafted in as CEO in July 2014 by chairman Phil Wrigley following an emergency strategic review.

Wrigley himself was appointed in January 2014. One of the most experienced leaders on the high street, Wrigley made his name at New Look where he was chief executive and subsequently chairman.