Card Factory owner ditches sale plans

CHARTERHOUSE, the owner of Card Factory which is based in Yorkshire, has announced it has ditched plans to sell the company.

The private equity firm said it will focus on a refinancing of the 650-store retailer ahead of a possible initial public offering, according to The Financial Times.

Charterhouse announced the move after receiving bids below its expectations.

Card Factory was estimated to be worth more than £500m.

It was founded in Wakefield by husband and wife team Janet and Dean Hoyle in 1997 and was acquired by the private equity firm in 2010 in a deal thought to be worth around £350m.