Card Factory has this morning announced it has completed the £24million acquisition of funkypigeon.com from WH Smith.
The deal, which was first reported at the end of July, follows a strategic review at WH Smith and a new focus on travel retail.
When adjusted for transaction costs, the sale will see £21million go into improving WH Smith's net debt position.
In an update to shareholders this morning, Card Factory confirmed the acquisition was now complete.
Darcy Willson-Rymer, cardfactory chief executive officer, 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."
Announcing the acquisition last month, Card Factory stated Funky Pigeon has generated annual revenue of £32million on average in over the last two years and has a standalone team based in Bristol and Guernsey.
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