Exponent to 'acquire Moonpig.com within weeks'

Private equity firm Exponent is said to be closing in on a deal to acquire personalised greeting card website Moonpig.com.

The company is currently owned by Photobox, which had been planning a flotation, but changed its mind earlier this year, appointing Goldman Sachs to seek out possible buyers.

The £400m deal is expected to happen within a few weeks, the Sunday Times reported.

Photobox posted an increase in post-tax profits of £0.6m to £2.7m for the 12 months ended April 2014, driven by a £9.1m climb in revenue.

Exponent most recently sold the Quorn business, following last year's disposals of Gorkana and Thetrainline.