Stanley Gibbons puts itself up for sale

AIM-listed stamp and coin specialist Stanley Gibbons said on Monday that it is considering a sale of some or all of the company following a comprehensive restructure.

The group said it has successfully cut annualised operating costs by more than £10m and now has a "clear focus and understanding of its competitive advantages and achievable corporate goals". It said the restructuring programme has created a group that is much more stable than at any time in the last 18 months.

The board has now resolved to conduct a full strategic review to investigate its options.

"The board's success in achieving divestments from non-core assets to generate investment capital for the Group and the recent approach from Disruptive Capital, leaves the board determined to ensure that the underlying strength of the core business is fully reflected in shareholder value.

"The directors believe that Stanley Gibbons with its heritage brands and expertise has significant strategic value not only in its existing core markets but also across the broader global collectibles market, particularly the Middle East and Asia. Unlocking this incremental long term value is likely to require further investment and the Directors believe that it is likely therefore that such value is best delivered either within a larger group or alongside a strategic investment."

On Friday, Stanley Gibbons said it had received an unsolicited approach from private equity firm Disruptive Capital regarding a possible offer for the company. However, Disruptive said on Monday that it is not making an offer for the company, adding that an email it had sent to Stanley Gibbons had been interpreted as an approach under the Takeover Code.

At 0940 BST, the shares were down 12% to 11.50p.