Arts and crafts retailer HobbyCraft is to be sold for £70m after it appointed Grant Thornton to consider its strategic options.

According to The Telegraph, chief executive Chris Crombie is believed to be considering a buy-out from the company’s family owners, the Haskins, with a view to securing funding to quadruple its store numbers.

Warren Haskins is chairman of Hobbycraft and of the Haskins Garden Centre Group.

HobbyCraft has flourished in the recession as it benefited from the “make do and mend” attitude of cash-strapped consumers.

In the year to February 22 revenue jumped 11pc to £68.7m.