Habitat sold and HobbyCraft up for sale

Habitat, the furniture retailer, has been sold to restructuring specialist Hilco.

Habitat campaign

Habitat, the furniture retailer, has been sold to restructuring specialist Hilco.

ICAF, Habitat’s former owner, agreed to provide an injection of €50m (£45m) to rid itself of the loss-making chain.

Chief executive Mark Saunders will stay in his position and continue his turnaround plan to make the company profitable within three years.

The chain was put up for sale in October, just weeks after Saunders launched “This is my Habitat”, a major marketing drive to promote the retailer’s new “consumer centred brand philosophy”.

At the time when the strategic review of the company was called Saunders vowed to maintain the focus on marketing and European expansion.

ICAF also owns Ikea.

Separately, HobbyCraft the UK’s largest craft retailer has appointed accountancy firm Grant Thornton as financial advisor to oversee a strategic review of the chain.

The chain’s management team, led by chief executive Chris Crombie, is thought to be looking at a potential buy-out of the family owned chain to pursue expansion.

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3703 or email customerservices@marketingweek.com

If you are looking for our Jobs site, please click here