The arts and crafts retailer HobbyCraft has been bought by a private-equity firm in a deal netting its founding family a multi-million pound windfall.

HobbyCraft, which was set up in 1995, has been sold to management, backed by buyout firm Bridgepoint, in a deal reported to be worth more than £100 million ($153 million). The business started out as one store in Bournemouth, but has grown into the U.K.'s largest chain of dedicated arts and crafts superstores, with 47 outlets nationwide and sales of nearly £69 million ($106 million) in 2009. HobbyCraft's new owners said it had the potential to more than quadruple the number of stores in the medium-term, capitalizing on an increasing trend to "make do and mend" since the recession struck. It is estimated the arts and crafts market is now worth £2 billion ($3 billion) in the U.K.