A toy retailer which was pulled out of administration in 2012 has announced bold new plans to take the business in two separate directions after a top-level change of ownership.

Eastern Daily Press: David Mordecai, chief executive of the Tobar Group, which owns Hawkins Bazaar.PHOTO BY SIMON FINLAYDavid Mordecai, chief executive of the Tobar Group, which owns Hawkins Bazaar.PHOTO BY SIMON FINLAY (Image: ARCHANT NORFOLK)

Norwich-based Tobar Group, whose retail arm Hawkin's Bazaar has 29 high-street stores, was bought by London-based Merino Private Equity late last year from previous owners Primary Capital.

Now chief executive David Mordecai has revealed an ambitious five-year strategy to double turnover over the next five years and triple profits.

Positioning itself as a one-stop shop for major retailers and growing its share of branded products is part of the plan, along with creating separate identities for Tobar and retail division Hawkin's Bazaar.

'We want to drive both sides of the business,' said Mr Mordecai, who joined the company in 2012 after it was bought out of administration. 'Over the last two to three years we have repositioned ourselves in the high street. We have introduced trendy items, such as gadgets and gifts.'

The wholesale arm has 3,500 accounts with independent shops through to retail giants including John Lewis and Amazon. The plan is to increase its range of licensed products with brands including Disney.

These changes will reflect a shift in consumer tastes, said Mr Mordecai. 'In the past we were selling low-priced items, but now we have upped our average transaction value,' he said.

'Five to 10 years ago people thought the toy industry would decline because computer games were coming through. But parents get fed up of buying computer games because then their children disappear.

'Parents want something they can interact with their children with. Traditional toys have come back into fashion.'

Tobar Group, which employs 300 people, closed most of its 60 stores in 2012 when it went into administration, leaving eight remaining. Modelzone founder Mr Mordecai gradually turned the business around, rebuilding its network of stores.

He moved the company out of its former home in Beccles, to a city centre base in Yare House, Thorpe Road.

And the latest deal, which saw Birketts act for Tobar, will help the business grow, according to Mr Mordecai.

'We feel we have someone working with us as a parent,' he said. 'Board meetings are different. We talk about five years' time rather than one month's time.'

Turnover for the year ending December 31 2015 increased 14pc from £23.4m to £26.7m, and pre-tax profit after interest was £951,000.

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