Business briefs: Card Factory | Google Glass | Gala Coral | Pelamis

Share this article
Have your say

CARD Factory, the chain of greetings card shops, is mulling over a possible stock market flotation that could see it valued at £700 million.

The chain, which has grown to 650 stores since its launch in 1997 by a husband-and-wife team, is now owned by private equity group Charterhouse, which also owns the AA roadside assistance group and PHS, the cleaning business.

It is understood that Charterhouse has instructed Goldman Sachs to lead preparations for the float. It bought Card Factory from Dean and Janet Hoyle in 2010, netting the founders £350 million.

Founder retakes top job at Pelamis

Founder Richard Yemm is taking the helm again at Pelamis, the wave power developer he set up in 1998.

Yemm, who has spent the last 15 years developing and commercialising the Pelamis machine to harvest the energy in waves, made the move from commercial director to chief executive on Saturday. He replaces Per Hornung Pedersen, who will remain as an adviser to the board.

Pelamis, which is based in Edinburgh and has operations in Orkney, was the first to send electricity to the grid from offshore waves.

Privacy moves for Google Glass

Google has reportedly given in to pressure from privacy campaigners by deciding to ban the use of some of the more controversial features on its new internet-connected glasses.

The technology giant, which has run into privacy issues before, has said it will now not allow facial recognition applications for its new Google Glass eyewear, which would have allowed users to look through the internet to identify strangers.

It has also banned apps that would allow users to secretly take photos and videos of their surroundings.

Pension change on cards for Gala Coral

Bookmaker Gala Coral has become the latest UK company to reveal plans to replace its staff pension scheme.

The group, which employs 18,000 staff, has launched a two-month consultation with workers over the move, which will see its defined benefit pension replaced with a less generous scheme that is based on contributions and stock market performance.

Gala defended its action, saying it wanted to protect existing member benefits in the pension fund and needed to be sure it could cover any potential deficit.