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Card Factory looks to refinance as sale is called off

card factoryThe mooted sale of multiple retailer Card Factory has been put on hold by owner Charterhouse after bids failed to meet their expectations, according to The Financial Times. The private equity firm was hoping to sell the retail giant for around £500 million including debt, but will now focus on refinancing the company.

Charterhouse acquired the business from founders Dean and Janet Hoyle in 2010 in a deal worth over £350 million. Card Factory continued to go from strength to strength over the past few years as discount and budget retailers thrived during the recession. In the year ending January 2012 Card Factory operated from 611 stores around the UK that turned over £265 million with pre-tax profit of £41.2 million, well up from £30.6 million in the previous year.

Card Factory chief executive Richard Hayes has the long-term goal of doubling the number of stores throughout the UK to 1,200.