Card Factory narrows price to 225p as it goes to market

 
Kate McCann
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UK GREETING card company Card Factory narrowed the price of shares to the bottom end of guidance at 225p last night, ahead of its initial public offering this morning, City A.M understands.

The company, which has been selling cards and gift wrapping on the UK high-street for 10 years, has an equity value of £767m based on the 225p offering.

Card Factory sales were up nine per cent to £326.9m in the last quarter of 2013, with profit before tax up at £80.4m.

The company is owned by private equity firm Charterhouse, after founder Dean Hoyle sold the business for £350m in 2010. It currently owns over 700 stores across the UK and Ireland and has talked of plans to boost that number to 1,200 in the wake of the IPO.

When the business floats this morning it will be the only card specialist on the market, replacing Clinton Cards, which collapsed in 2012.

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