Flying Brands has acquired Greetings Direct, the greetings card direct sales company, for £12m. Greetings Direct is a London-based company with over 300,000 customers in the UK, distributing cards on through its 'Cards for all Occasions' brand. Customers receive cards on a monthly basis which they can either purchase or return, and are offered considerable savings on high street prices. The company will be incorporated into Flying Brands' gift division, alongside Flying Flowers. Founder and managing director Marten Nilsson will remain with the business, as will seven other members of staff. In the year to 31 August 2006, Greetings Direct had revenues of £8.5m and EBIT of £1.2 million.The sale consideration of £12 million represents a historic EBIT multiple of 10 times.
