Hobbs looking to double after MBO

Womenswear retailer Hobbs plans to double in size to 60 stores over the next five years following a£30 million MBO.

Founders Marilyn and Yoram Anselm sold the business to a team led by managing director Nick Samuel, who plans to open a further 30 stores by 2008.

At present, Hobbs has 30 shops, three concessions and one outlet store.

Turnover is expected to hit£40 million for the financial year 2002-3.

The retailer aims to fill the positions of chairman and finance director in the coming months.