2nd Sep 2010 07:00
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 £0.3 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 £0.15 million on completion with a further £0.15 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."
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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
.
Related Shares:
SGI.L