Stanley Gibbons interiors division sale delayed
(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."