The crafts platform, which is chaired by former ITV chairman Sir Peter Bazalgette, has requested bidders to desk second-round gives later this week, Sky Information understands.
By Mark Kleinman, Metropolis editor @MarkKleinmanSky
A web based crafts retailer which noticed gross sales increase throughout COVID-19 lockdowns is exploring a cut-price sale.
Sky Information understands that Lovecrafts, which is chaired by the media veteran Sir Peter Bazalgette, is working with Interpath Advisory on a sale.
Based in 2012, Lovecrafts is backed by main development traders together with Highland Ventures, Balderton Capital and Scottish Fairness Companions.
Metropolis sources stated it was more likely to be valued at “a knockdown worth” if it was in a position to safe a take care of a purchaser.
Lovecrafts grew particularly shortly through the pandemic, with Britain’s collection of lockdowns prompting massive numbers of customers to take up hobbies akin to knitting and stitching.
Progress has stalled since then, nonetheless, with its most important shareholders stated to be unwilling to inject extra money into the enterprise.
Second-round bids for the corporate are stated to be due later this week.
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Sir Peter, who turned chairman in 2018, is a former chairman of ITV and one of the outstanding figures within the media business.
In 2021, Lovecrafts raised practically £16m, including to funding it had secured since its launch.
Lovecrafts couldn’t be reached for remark, whereas Interpath declined to remark.
