WHSmith has completed its sale of online personalised greetings card business Funky Pigeon to Card Factory for £24m.
The deal was first announced at the end of July and comes as the retail chain has been offloading its high street facing assets in recent months.
WHSmith said the disposal “now completes the move to becoming a pure play global travel retailer” following the earlier sale of its 500-plus high street stores business to private equity firm Modella Capital.
Funky Pigeon, which specialises in personalised cards and attached gifting services, generated around £32m in annual revenue and £5m EBITDA on average over the past two financial years.
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Commenting on the completed transaction, Card Factory chief executive Darcy Willson-Rymer said: “This acquisition represents a key milestone in delivering our strategic ambition to build a scaled and competitive digital presence in the celebration occasions market.
“We welcome our new Funky Pigeon colleagues into the group and look forward to working together to accelerate our growth in the direct-to-recipient card and gifting segment, bringing together Funky Pigeon’s high-quality technology platform and digital expertise with our strong store estate and broader celebrations offer.”
Card Factory saw its adjusted pre-tax profit rise 6.3% to £66m for the the year ending 31 January 2025, as sales outpaced the wider celebrations market increasing 6.2% to £542.5m.
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