Acquisition
September 02 2010 - 2:00AM
UK Regulatory
TIDMSGI
RNS Number : 0062S
Stanley Gibbons Group PLC
02 September 2010
FOR IMMEDIATE RELEASE 2
SEPTEMBER 2010
THE STANLEY GIBBONS GROUP PLC
("STANLEY GIBBONS" or "THE COMPANY")
(AIM: SGI.L)
STANLEY GIBBONS ACQUIRES LEADING STAMP BUSINESS
The Board of Stanley Gibbons, the AIM quoted leading name in stamps and
collectibles, is pleased to announce that on 31 August 2010 it purchased for a
consideration of GBP0.3 million the business and certain assets of Nigel
Haworth, a specialist stamp dealer who formerly traded as M & N Haworth.
The consideration is payable as to GBP0.15 million on completion with a further
GBP0.15 million payable in April 2011 and will be financed out of the Group's
cash balances with an expected payback within one year.
Established in 1964, the business specialises in modern issues of the British
Commonwealth, including varieties and other items that are difficult for
collectors to source and has an excellent reputation for the breadth and quality
of the material that it offers. Mr Haworth will be acting as a consultant to
Stanley Gibbons to assist in the sourcing of such material in future.
Commenting on the news, Stanley Gibbons Chief Executive, Michael Hall said:
"Following the recent investment in the refurbishment of our retail premises at
399 Strand, this acquisition ensures that we will hold the most extensive range
of British Commonwealth stamps available. Primarily, this is an investment in
our brand and the quality and range of our stockholding. The acquisition will
provide benefits for many years to come through increased sales and new customer
recruitment and, in due course, will significantly enhance the range offered on
our website and through the traditional channels of retail and mail order."
---ENDS---
Enquiries:
The Stanley Gibbons Group plc Tel: +44 (0)
1481 708 273
Michael Hall, Chief Executive
Seymour Pierce Ltd, NOMAD/ Broker Tel: +44 (0) 20
7107 8000
John Cowie
.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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