StampNews.com got quite sad news: Mowbray Collectables is selling its stamp, coin and bank note trading subsidiaries as it looks to reposition the company after a $1.9 million first-half loss, described as "undoubtedly the worst in the company's history".
Last month, the Otaki-based listed company said that disappointing trading had resulted in a $709,000 interim operating loss, driven by particularly poor performances at Mowbray Bethunes and Peter Webb Galleries in Auckland.
Mowbray Collectables said in a statement today it would sell two wholly owned subsidiaries after a review of business operations. This included Mowbray Bethunes and Wildlife Philatelic, which were the stamp, coin and bank note trading businesses of the group.
The sale process would start immediately, with a view to being completed by the end of March this year.
Stamp auctions had recorded a loss of $20,000, Peter Webb Galleries traded at a loss $78,000, and the Wildlife Philatelic business in Australia also slumped for the six months to September 30. The directors had announced a complete examination of all businesses, with the expensive restructuring of Webb's expected to return it to profitability.