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Stanley Gibbons up for sale following review World's oldest stamp business Stanley Gibbons up for sale
(about 3 hours later)
Stanley Gibbons, the 160-year-old rare stamp and collectables business, has put itself up for sale.Stanley Gibbons, the 160-year-old rare stamp and collectables business, has put itself up for sale.
The company said it had undergone a major restructuring and had cut costs by more than £10m. The company has identified the Middle East and Asia as new markets for potential growth, but said expansion would require further investment.
Stanley Gibbons has identified the Middle East and Asia as new markets for potential growth, but said expansion would require further investment.
It said that it would therefore examine its options, which could include the sale of part or all of the business.It said that it would therefore examine its options, which could include the sale of part or all of the business.
The AIM-listed company sells coins and antiques but is best known for its rare stamps business. In April, it achieved a record for Indian stamps when a set of four featuring the portrait of Gandhi was sold for £500,000. The firm was set up by Edward Stanley Gibbons in 1856 and is the world's longest established rare stamp trader.
It opened its first shop in 1891 on The Strand in London where it continues to trade from today. It also has overseas sites in Hong Kong and Singapore.
The company also sells coins and antiques, but is best known for its rare stamps business.
In April, it achieved a record for Indian stamps when a set of four featuring the portrait of Gandhi was sold for £500,000.
The company said it had undergone a major restructuring recently and had cut costs by more than £10m.
Commenting on exploring new global markets, Stanley Gibbons said: "Unlocking this incremental long-term value is likely to require further investment and the directors believe that it is likely therefore that such value is best delivered either within a larger group or alongside a strategic investment."Commenting on exploring new global markets, Stanley Gibbons said: "Unlocking this incremental long-term value is likely to require further investment and the directors believe that it is likely therefore that such value is best delivered either within a larger group or alongside a strategic investment."
Takeover confusion
On Friday, Stanley Gibbons said it had received an approach regarded as a possible offer by Disruptive Capital Finance.On Friday, Stanley Gibbons said it had received an approach regarded as a possible offer by Disruptive Capital Finance.
Disruptive is led by City financier Edi Truell, a former pensions adviser to Boris Johnson when he was mayor of London.Disruptive is led by City financier Edi Truell, a former pensions adviser to Boris Johnson when he was mayor of London.
On Monday, however, Disruptive said it was not making an offer for Stanley Gibbons.On Monday, however, Disruptive said it was not making an offer for Stanley Gibbons.
Disruptive added that on 31 May it had been informed by Stanley Gibbons "that an email we had sent them was interpreted by them as an approach" under the UK's Takeover rules. Disruptive said that on 31 May it had been informed by Stanley Gibbons "that an email we had sent them was interpreted by them as an approach" under the UK's Takeover rules.
It added that it had been in discussions with Stanley Gibbons's management "for some time".It added that it had been in discussions with Stanley Gibbons's management "for some time".
In early trading, shares in Stanley Gibbons fell 5.7% to 12.38p, after having jumped nearly 18% on Friday.In early trading, shares in Stanley Gibbons fell 5.7% to 12.38p, after having jumped nearly 18% on Friday.