Stamp dealer Stanley Gibbons also owns coin specialist Baldwin's.
Administrators from PricewaterhouseCoopers (Pwc) were appointed on December 22 and the group was bought out in a ‘pre-pack’ administration deal.
Stanley Gibbons Group, which also owns coin specialist Baldwin’s (AH Baldwin & Sons), will continue to trade as normal and its 66 staff have also been taken on by the new entity, called Strand Collectibles Group.
Attempts to sell the business had been made in autumn 2023.
Liabilities
It is believed that the administration was largely caused by growing debt, following its purchase of a British Guiana 1c Magenta stamp for a hammer price of $7m (£4.97m) or ($8.3m including premium) in 2021. The purchase was funded by debt from Phoenix but a scheme to sell ‘fractional shares’ to investors did not reap the desired amount. Its debt reached £20m and the firm continued to make an annual loss of more than £2m.
Details of what has happened to its debts and the pension for staff has not been disclosed and is being worked through with the administrators at PwC.
Tom Pickford, CEO at the newly formed Strand Collectibles Group, said: “Despite strong growth in auctions this year and new partnerships in publications, Stanley Gibbons Group has been unable to find a solution to its long-standing historic liabilities which includes legacy acquisitions, leases and debt. The group explored all options to resolve these liabilities however it was unable to find a satisfactory solution.
“As a result, Strand Collectibles Group has bought the business and assets of Stanley Gibbons and AH Baldwin & Sons Ltd as part of a pre-pack administration process managed by PwC.
“All operations, the senior management team, all employees, both brands, all inventory, all items on consignment for auctions and storage, and all other intellectual property and assets have transferred to the new company, Strand Collectibles Group.”
Pickford said the group will continue to operate from 399 Strand in London across stamps, coins, medals and other collectables and has “secured new investment to develop these services further”.
Among its updates for its businesses is a new auction website for Baldwin's (baldwins.co) which will host its numismatic, trading cards and Stanley Gibbons philatelic auctions. The next sale is its Stamps and Covers of Asia auction on January 10.
Stanley Gibbons Group has had an eventful history under numerous owners and management. After just over 20 years listed on the London Stock Exchange, its majority-owner Phoenix Asset Management took it private in 2022.
Stanley Gibbons Group History
Stanley Gibbons Group was founded in 1856 when Stanley Gibbons opened a stamp counter within his father's chemist shop in Plymouth.
The firm listed in 1990s and in 2013 bought Noble Investments, taking over the dealership Baldwin's and auction houses Dreweatts and Bloomsbury. In 2014 it bought furniture dealership Mallett.
By 2017 it decided to sell some of these acquisitions and art consultancy and valuation firm Gurr Johns bought Dreweatts and Bloomsbury and then bought Mallett by early 2018.
In 2022 it delisted from the Aim section of the London Stock Exchange led by its majority shareholder Phoenix Asset Management.
