Stanley Gibbons interiors division sale delayed

Company News

Stanley Gibbons interiors division sale delayed

Fri, 14 July 2017
Article viewed 25 times
Stanley Gibbons interiors division sale delayed
Stanley Gibbons Group Quote more

Price: 8.12

Chg: -0.63

Chg %: -7.14%

Date: 17:09

(ShareCast News) - Stanley Gibbons' sale of its interiors division - including the assets and liabilities of Dreweatts and the intellectual property rights and goodwill of the Mallett and Made by Meta brands - has been delayed, the company announced on Friday.
The AIM-traded firm had said on 9 May that it reached agreement with the buyer, Millicent Holdings, on the sale.

"The board has now been informed that the funding arrangements of Millicent for payment of the initial £2.25m payable on completion of the sale have been delayed as a result of a change in the financial backers of Millicent," Stanley Gibbons said in a statement on Friday.

"The board of Stanley Gibbons is working with Millicent towards completion of the sale prior to 31 July 2017, the contractual long-stop date for completion of the sale.

"A further announcement will be made in due course."