According to information obtained by News, Lovecrafts, chaired by media seasoned Sir Peter Bazalgette, is collaborating on a sale with Interpath Advisory.
Leading growth investors, such as Highland Ventures, Balderton Capital, and Scottish Equity Partners, have backed Lovecrafts from its founding in 2012.
According to city sources, in the event that it managed to strike a deal with a buyer, it would probably be valued at “a knockdown price”.
During the pandemic, lovecrafts saw particularly rapid growth as a result of the lockdowns in Britain, which encouraged many people to take up sewing and knitting as hobbies.
Since then, though, growth has allegedly stopped, and its principal investors are reportedly unwilling to provide more funding.
It is said that the corporation will accept bids later this week for a second round.
Having served as chairman of TV before, Sir Peter is a well-known figure in the media sector. He was appointed chairman in 2018.
Lovecrafts was able to receive more money in 2021, almost totaling £16 million, following its inception.
