Card Factory's £350m private equity sale completed

ENTREPRENEUR Dean Hoyle last night confirmed he had sold his Card Factory business.

The 350m deal with London private equity firm Charterhouse, which was revealed in the Yorkshire Post yesterday, was completed yesterday afternoon.

Speaking to the Yorkshire Post last night, Mr Hoyle said the sale was an important milestone for both himself and the company, which he has spent the last 13 years building up with his wife, Janet. But he declined to comment further.

The deal sees Charterhouse take a majority stake in Card Factory with the existing management continuing to run the business. It has generated a multi-million pound windfall for Mr Hoyle, the 42-year-old chairman of Huddersfield Town Football Club, who is believed to own 90 per cent of the business.

The confirmation of the sale comes five months after the Yorkshire Post revealed Mr Hoyle had appointed KPMG to find a buyer for Card Factory.

Mr and Mrs Hoyle founded the greetings card business in 1997.

Card Factory now has 480 stores, 4,500 staff and had a turnover of 167m in the year to January 31 2009, according to its latest figures.

Charterhouse declined to comment last night. Leeds lawyer Yunus Seedat of Addleshaw Goddard advised the sellers.