Greeting cards retailer Card Factory’s co-founder Dean Hoyle has been appointed chairman of the retailer following its sale to private equity firm Charterhouse last week.

The deal, revealed by RW Online last week, officially went through last Friday. Card Factory and Charterhouse declined to comment on the price, but sources close to the situation said Charterhouse paid about £370m for the store group.

It had been unclear what role founders Dean and Janet Hoyle would retain in the 480-store retailer.

Charterhouse was the surprise winner in bids for the business, beating off rival private equity houses to the deal.

Charterhouse is expected to support Card Factory’s existing growth strategy - it has opened 50 stores a year in recent years.

Card Factory’s revenue is understood to have been £210m in the year to January 31, generating underlying profits of £53m.

Card Factory was put up for sale in February, when it hired KPMG to look into strategic options.