Private equity investment firm, Charterhouse Capital Partners LLP has given up its seat on the board of Card Factory following its sale of 40 million shares in the company.
Graeme Coulthard has resigned as a non-executive director of the company with effect from February 3.
Mr Coulthard, a partner of Charterhouse, became a non-executive director in 2010 when Charterhouse acquired the business. His resignation follows the sale by Charterhouse, through its funds, of a further 40 million ordinary shares, representing 11.74 per cent of the total number of voting rights in the Company on January 30.
Charterhouse now hold ordinary shares representing, in aggregate, 17.79 per cent of the total voting rights in the Company.
Under the relationship agreement Charterhouse was obliged to procure Mr Coulthard’s resignation as a director of the company when their interest fell below 20 per cent of total voting rights.
Mr Coulthard said: “It has been a pleasure to have worked with the talented and dedicated management team at Card Factory over the past five years. Charterhouse prides itself on backing strong management teams and Card Factory is a great example of how this strategy works.
“Since our initial investment in Card Factory, the company has added an online presence and developed a first class printing facility. It has also opened over 280 stores in the UK and created over 3000 new jobs.
“I am confident that the group will continue to grow and generate returns for its stakeholders. I would like to wish all of the management and staff further success in the future.”
Geoff Cooper, Card Factory’s chairman, said: “Graeme has been a highly supportive and effective non-executive director, both during the important period of Charterhouse’s ownership of the business, and during its early months as a quoted company. On behalf of the Board, I thank him for all he has done and we wish him well.”