Moonpig owner buys smaller Dutch rival Greetz

Moonpig’s owner on Wednesday revealed it has gobbled up a smaller Dutch rival as it tries to stay ahead of rivals.

Photobox Group bought Greetz, which sells 7.5 million cards online in the Netherlands, as well as flowers and chocolate, for an undisclosed sum seven years after its £120 million swoop for Moonpig.

Chief executive Jody Ford said: “Much like Moonpig, Greetz is a loved household brand. We now have leadership positions in the two main greeting cards markets in Europe.”

Photobox Group, which hired the ex-boss of fashion brand Finery Nickyl Raithatha to lead Moonpig in June, made pre-tax losses of £47.6 million on sales of £325 million last year.

It is owned by private equity firms Electra, which backs restaurants chain TGI Fridays, and former Radio Times owner Exponent. Greetz, set up in 2001, is growing at 25% year-on-year it said, and is expected to double its 2015 revenues this year.

Niek Veendrick, Greetz chief executive, said: “This is a perfect match with Photobox’s ambition and in Moonpig they have a very similar business that we can grow with.”

Rivals have been on Photobox Group’s radar as its latest Companies House accounts say it “encounters significant competition from other online and mobile specialists and High Street retailers”

The company moved into a new headquarters worth £20 million in Clerkenwell in May.