Fri, 09 Apr 2010 | BUSINESS SALE
Following reports that it called in administrators KPMG back in November 2009, the Card Factory chain has now been sold to private equity bidders for a reported £350 million.
The owners of the greetings card store chain, Dan Hoyle and his wife Janet Hoyle, asked KPMG to assess their options last year. At that point they were considering possible sales, management buyouts or private equity investments. It has now emerged that private equity firm Charterhouse has bought the company.
The company managed to generate profits of £22 million in the year to January 2009, from revenues of £170 million. The firm attributes its success to the fact that it is cheaper than major high street rivals such as Clinton Cards.
The owners of the 430-strong store chain, which is based in Wakefield, are true entrepreneurs with Dean Hoyle claiming he started by selling cards from the back of a van in 1993. It now manufactures, designs supplies and retails cards, wrapping paper and novelties across the country.
Reports claim that Charterhouse had to fight off rival bids from Permira, Warburg Pincus, Summit Partners and Cinven, who all also wanted a piece of the lucrative Card Factory pie.
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