The music chain aims to raise £190k to preserve acoustic and folk musical traditions…
Hobgoblin Music, a leading family-run UK chain of music stores, has this week launched its first ever crowdfunding round. The early access launch is now open, and individuals can register for this via Hobgoblin Music’s crowdfunding page, after first registering on Crowdcube.
Hobgoblin Music aims to raise £190Kin exchange for a 9.5% equity stake in its business. The company, now in its 50th year of trading, attributes its continued presence on the high street, despite challenging retail conditions, to its commitment to providing the best service, advice and product range in acoustic and folk music instruments. Support for the business comes from none other than Sir Paul McCartney, who shared his affection for Hobgoblin Music’s London shop:
“I have many favourite music shops that I like to go into but possibly my most favourite is Hobgoblin Music London. The staff there are so helpful and friendly, and we always have a laugh. There are lots of guitars so, for people like me who like guitars, it is like walking through heaven.”– Sir Paul McCartney
Funds raised will be used to drive increased sales through the purchase of fast-selling, high-margin stock, leading to a sustainable increase in profit margins. Hobgoblin Music was set up in 1976 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.
The couple first set up a market stall and then opened their first shop in a barn, going on to open stores across the country to meet high demand. Today, the company has nine shops in Leeds, London, Bristol, Birmingham, Brighton, Canterbury, Southampton, Edinburgh and a franchise in Manchester. The company also runs a central warehouse and mail order business in Sussex. Hobgoblin Music employs over 50 musicians as sales staff across the country and has a long history of supporting live music in areas local to its stores as well as sponsoring and running folk festivals.
Today, Pete and Mannie McClelland are still directors at Hobgoblin Music, along with their daughter, Nicola who is Executive Director and co-owner. Although the company also sells online, it is committed to keeping its stores open, as it believes trying lots of different types and styles of instruments is vital when choosing what to play.
The UK has lost countless music shops in the last decade, owing to extremely difficult trading conditions, but Hobgoblin Music’s in-store customers still benefit from expert advice, setups and repairs, the enthusiasm and encouragement of its expert staff and exposure to a wide range of instruments.
Nicola Rain, Co-Owner at Hobgoblin Music:
“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.”
Last week Virgin, overseen by Sir Richard Branson, hinted that the Virgin Megastore could also be making a comeback to the high street, although the company noted it was early days of a mooted idea to revive that record shop brand.
