Chairman Alan Fort heads acquisition
The management of Greeting Card Group - which trades under the brands Cardfair and Card Warehouse - has acquired the business from administrators in a buy-out led by chairman Alan Fort.

The retailer will continue to be run by existing Greeting Card chief executive Milton Guffogg, securing the employment of 1,500 employees and the operation of just under 300 stores across the UK.

PricewaterhouseCoopers' Michael Jervis and Nick Cropper were appointed as joint-administrators on January 2. Rival Clinton Cards was interested in buying the business.

Jervis said: 'Following a rigorous process, during which significant interest was expressed in the Greeting Card Group business, I consider the management buy-out offer to be in the best interests of all. The accepted offer not only provides the highest price and secures the most jobs, but also provides strong management experience.'

Greeting Card Group, whose head office is in Peterborough, is the second-largest specialist card and gift retailer in the UK.

The UK greeting card market is worth about£2 billion and the group's core stores are expected to continue to be successful.

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