The boss of Stanley Gibbons has set out his plans to turn around the rare stamp dealer’s fortunes after it was rescued from administration.
The 167-year old company, which is one of the most prominent names in the stamp and coin collecting world, collapsed last week.
But as revealed by the Mail last Friday, it was immediately bought by its owner Phoenix Asset Management in a ‘pre-pack’ administration deal.
All operations, including the 66 staff and intellectual property, have been transferred to a new company called Strand Collectibles Group.
Chief executive Tom Pickford said that this was an ‘important moment in the long history’ of Stanley Gibbons, which is the world’s oldest rare stamp seller, and its dealing arm AH Baldwin.
Rescue: Stamp dealer Stanley Gibbons collapsed last week but was immediately bought by its owner Phoenix Asset Management in a ‘pre-pack’ administration deal
It will continue its auctions and private dealings for stamps, coins, medals and other collectibles and has secured investment to expand.
It will launch a digital stamp collecting experience and continue to publish catalogues, magazines and albums for collectors, Pickford said.
Momentum starts with Stanley Gibbons hosting an online auction for stamps and covers of Asia on January 10.
Pickford, who has run the business since September 2022, said: ‘Everyone at Strand Collectibles is excited about the future and we look forward to helping you to develop your collection in 2024 and beyond.’
It comes just over a year after Phoenix – the biggest shareholder – took Stanley Gibbons off the London stock market.
Phoenix was co-founded by chief investment officer Gary Channon and is backed by insurance tycoon Sir Peter Wood.
Stamp of approval: Stanley Gibbons c hief exec Tom Pickford says the firm has a future
Other major investments include model train maker and Airfix owner Hornby.
Shares in Stanley Gibbons traded in London for 20 years before it was taken private.
It claims its roots can be traced back to 1856 after its eponymous founder was born in 1840, the year that the world’s first adhesive stamp – the Penny Black – was issued.
It lost £2.9million last year, having made a loss of £2.6million in the previous year.
Phoenix was set up by Channon in 1998 and recently linked up with Wood, who was behind Direct Line and Esure, to invest in British brands.
In May, it bought funeral directors Dignity.
***
Read more at DailyMail.co.uk