The entrepreneurs who founded and sold Peterborough shopping channel Ideal World have announced the creation of a new crafts channel that could rival their former company.
Paul Wright and business partner Val Kaye are about to launch Hochanda, it stands for Home of Crafts, Hobbies and Arts, and which will be based in Mancetter Square, off Lincoln Road.
The new company will immediately create 90 jobs but that figure is expected to rise eventually to 150.
The move comes four years after they sold Ideal World and its successful Create and Craft Channel to private equity firm Inflexion for £80 million.
Inflexion is currently selling Ideal Shopping Direct, which has Ideal World as its flagship channel, with a price tag of £200 million.
Mr Taylor (64) said: “Hochanda will be the new home for crafts, hobbies and arts, such as dressmaking, baking, pottery and woodwork. It will be an exciting place to go for people who love to be creative and who want to be inspired, educated and motivated to try out new skills.”
Hochanda will be the new home for crafts.Paul Wright
The announcement comes as competition grows for a slice of the UK’s growing crafts and hobbies market, which is reckoned to be worth about £3.4billion.
Miss Kaye said: “We are looking for people to fill approximately 90 new positions. These range from administrative roles to working in the warehouse to a variety of television personnel.”
Hochanda will launch nationally on September 1 on Freeview, Sky, FreetSat and IPTV.