StampNews.com is excited to share the latest philatelic updates with our readers: Stanley Gibbons, the 160-year-old rare stamp and collectables business, has put itself up for sale. The company 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.
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."
Sourced by bbc.com