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Finance director of 3i-backed Hobbs steps down

5 Aug 2013

clothing scarves_sqLoraine Woodhouse, the finance director of private equity-backed British women’s fashion designer Hobbs, has left her job to join John Lewis Partnership as corporate finance director.

Woodhouse’s resignation makes it unlikely that the chain’s private equity owner 3i will put it up for sale as finance director usually get a hefty payout after a takeover, said the Independent.

Back in April 2012, 3i hired PriceWaterhouseCoopers to advise on its potential expansion plans for Hobbs with the retailer’s chairman Iain MacRitchie saying it would look into the sale process.

It has been speculated that the business could fetch more than £250m.

Hobbs saw its EBITDA increase 1.3 per cent to £15.2m in the full year to 26 January as sales climbed 11.1 per cent to £125.1m.

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