Donnington Priory, home of Dreweatts.

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Stanley Gibbons issued a stock exchange announcement on July 14. It updated investors that the “funding arrangements” for Law’s company Millicent for the payment of the initial £2.25m that was due on completion of the deal are “delayed as a result of a change in the financial backers of Millicent”.

When the deal to buy Dreweatts and the Mallett brand name was announced in May, Law was working with investor Gavin Alexander.

Stanley Gibbons said it is working with Millicent towards completion of the sale before July 31 and that it will update on the matter in due course. Law was not available for comment.