Both chains to stay on the high street though
Clinton Cards has made a£46.4 million cash bid for Birthdays Group. The retailer intends to run both brands as separate businesses.
Birthdays Group had a turnover of£144.7 million in the year to June 30 last year. It showed an operating profit of£1.1 million, but this was reduced to a loss of£1.2 million after exceptional costs.
Clinton Cards managing director Clinton Lewin said: 'It is our intention to run the Birthdays stores as a standalone business, capitalising on the strength of the brand name. In addition, we believe that significant opportunities exist to improve the Birthdays Group's performance under our ownership and by applying our operating methods.'
The deal is subject to approval by Clinton Cards' shareholders. This will be sought at an extraordinary general meeting around December 6.
No comments yet