According to information obtained by News, Modela Capital and the private equity firm Bridgepoint are in advanced talks to buy Hobbycraft.
According to city officials, an agreement might be signed in a few days.
Modella is connected to Rcapital, the turnaround company that formerly owned Little Chef.
No Ordinary Designer Label, Ted Baker’s UK licensing partner that went bankrupt earlier this year, is listed among the investments in its portfolio on its website.
The weekend saw the announcement by News that the last 31 Ted Baker locations in Britain would close this week, eliminating 500 jobs.
Over 85 outlets participate in the trade of Hobbycraft, which Bridgepoint has controlled since 2010.
On Tuesday, it remained unclear how much Modella was expected to pay for the business and whether there were other potential buyers standing by in case the agreement fell through.
Modella could not be reached for comment, and Bridgepoint declined to comment.
