According to News, Lovecrafts, which is backed by some of the most well-known technology funds in the UK, is about to approve Missouri Star Quilt Company’s takeover.
It is believed that Lovecrafts will receive tens of millions of pounds from the deal.
After months of talks, sources suggested it might be resolved as soon as the next few days.
It is thought to be a complementary fit for Missouri Star Quilt because the two businesses’ current areas of expertise are not too similar.
Earlier this year, Lovecrafts, chaired by media seasoned Sir Peter Bazalgette, hired Interpath Advisory to assist with a sale.
As one of the most well-known individuals in the British media sector, Sir Peter was previously chairman of TV before taking on the role of chairman in 2018.
Leading growth investors, such as Highland Ventures, Balderton Capital, and Scottish Equity Partners, have backed Lovecrafts from its founding in 2012.
During the pandemic, crafts saw a sharp increase in sales as a result of the lockdowns in Britain, which encouraged many people to take up sewing and knitting as hobbies.
