Mark Law's deal to buy Dreweatts and Mallett from stamp dealer group Stanley Gibbons was announced in May.

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Last month Law’s Millicent Holdings was given until the end of July to complete. This deadline has now passed and Stanley Gibbons announced today another extension to August 3.

Millicent is purchasing the Dreweatts auction business and the brand name of dealer Mallett.

In July Stanley Gibbons said the completion of the deal was “delayed as a result of a change in the financial backers of Millicent” and the final payment of £150,000 is due by November.