Mystery Chinese group circling Hobbs, one of Duchess of Cambridge's favourite fashion brands

By BEN HARRINGTON, FINANCIAL MAIL ON SUNDAY

Updated:

A mystery Chinese group has been circling Hobbs, one of the Duchess of Cambridge’s favourite fashion brands.  

The Chinese approached Hobbs late last year with a view to buying the business from its private equity owner 3i, according to banking sources.

Targeted: Giant Chinese firm has been eyeing Hobbs

Targeted: Giant Chinese firm has been eyeing Hobbs

The identity of the conglomerate is not known, but it is said to be worth between $20 billion (£11.8 billion) and $30 billion.  

It held discussions with Hobbs about a takeover deal, but the talks did not lead to a formal offer.

 

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Hobbs was bought for £111 million by 3i in 2004. Its last published accounts, for the year to January 2013, showed sales of £122 million and profits of £9.3 million, but last January it warned that it had suffered ‘trading weakness in the last quarter of 2013’.

A spokesman for 3i declined to comment beyond saying: ‘We never received a formal offer for Hobbs.’

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