Family-run retailer Hobgoblin Music launches Crowdfunder to secure its future across UK high streets
Retailer Hobgoblin Music has launched its first ever crowdfunding round, with hopes to keep its shops on the high streets of the UK.
The news lands after bleak announcements regarding the futures of other retailers like PMT and GAK, both of which have sold their stock to Gear4music following financial struggles.
Hobgoblin Music is a family business that was founded in 1976, with nine shops operating throughout the United Kingdom. It is described as a “beloved destination for folk music enthusiasts from around the world”, stocking a wide product range in acoustic and folk music instruments.
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According to a press release shared with Guitar.com, Hobgoblin Music aims to raise £190K in exchange for a 9.5 percent equity stake in its business. Funds raised will also be used to drive increased sales through the purchase of fast-selling, high-margin stock, leading to a sustainable increase in profit margins.
The company, which will celebrate its 50th anniversary next year, employs over 50 musicians across the UK and also supports live music in areas local to its stores. Even Paul McCartney has shared his love of Hobgoblin Music, having said that its London shop is possibly his “most favourite”, and that “the staff there are so helpful and friendly, and we always have a laugh”.
Hobgoblin Music was set up by husband and wife Pete and Mannie McClelland, who “were frustrated by how few interesting or unusual musical instruments were readily available, despite high demand from musicians”.
Today, the pair are still directors at Hobgoblin Music, along with their daughter, Nicola Rain, who serves as its executive director and co-owner. Although the company also sells online, it is “committed to keeping stores open”, as it believes trying a variation of different types and styles of instruments is vital.
Rain comments, “I’ve been immersed in this business for as long as I can remember and I’m so proud of what my parents have built up over the years. The experience of visiting a music shop and benefitting from the expertise of other musicians can’t be replaced by online shopping. We’re determined to keep music shops alive and firmly believe the country would be poorer without them – trying out new instruments in a shop is such a key part of the musical journey.”
Hobgoblin currently has stores in Bristol, Leeds, Manchester, London, Southampton, Canterbury, Edinburgh, Brighton and Birmingham.
An early access launch to the first Crowdfunding round is now open, and individuals can register for this via Hobgoblin Music’s crowdfunding page. You can also find out more about the company via the Hobgoblin Music website.
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Source: www.guitar-bass.net
