BURY-based Ron Wood Greetings Cards has been sold to a consortium of institutional investors in a £90 million deal. Founder Ron Wood, who started the business with his wife Gail in a small shop in The Rock, 27 years ago, built-up a major business which has more than 330 "Birthdays" shops nationwide and about 50 franchised outlets. Observers estimate that he stands to make around £80 million from selling his controlling stake.

The business is the largest independent retailer of greetings cards, giftwraps, tags and giftware in the UK.

Bury-born Mr Wood, aged 47, a former pupil of St Joseph's Secondary Modern School, was reported earlier this year to own 88 per cent of the successful company, which employs more than 2,600 people.

Under the deal he and the Birthdays management team retain a 28 per cent shareholding in the business.

Mr Wood, the chairman, will step down from the board but remain as a consultant.

Shareholders profiting from the deal include Bryan Robson, the former England and Manchester United captain, who is currently manager at Middlesborough.

One estimate is that he has made £1.8 million out of the sell-off.

The deal was initiated by Price Waterhouse Corporate Finance in Manchester and there was legal advice from Dibb Lupton Alsop, also in Manchester.

Mr Wood said he wants to see the business grow and develop further and hopes that it will be floated on the Stock Market in due course.

The institutions have brought in a new chairman - John Lovering, former financial director of Sears and chief operating officer of Tarmac.

Mr Wood said: "Although I will be retaining a significant shareholding in the business, I will be stepping down from management and John will be taking charge.

"All the other members of Birthdays management, who have helped to make the business the success that it is, are staying on and there are no plans at all affecting jobs - so it will be business as usual."

The cash for the deal has been up by Prudential Venture Managers and Schroder Ventures.

Birthdays has been the named sponsor of Bury FC for the last three years.

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