Rescue deal to secure the future of rare stamp dealer Stanley Gibbons
It appears Stanley Gibbons will fall into administration as part of a plan to secure the future of the 167-year-old rare stamp dealer.
The company, one of the most prominent names in the world of stamp and coin collecting, will appoint administrators to PricewaterhouseCooper from today.
It comes just over a year after it was delisted in London and is likely to worry its 66 employees, customers and suppliers just before Christmas.
But the Mail understands it will be immediately bought back by its owners Phoenix Asset Management in a 'pre-pack' administration.
Phoenix, the largest shareholder, took Stanley Gibbons off the stock market last year.
Black-letter day: Rare stamp and coin dealer Stanley Gibbons will appoint administrators at PricewaterhouseCoopers
It was founded by Chief Investment Officer Gary Channon and backed by insurance magnate Sir Peter Wood.
Other major investments include model train manufacturer and Airfix owner Hornby.
Stanley Gibbons, the world's longest-serving rare stamp dealer, said the company and its coin business, AH Baldwin & Sons, “have each filed a notice of their intention to appoint an administrator.”
A company spokesperson said: 'We would like to reassure customers and wider stakeholders that we are continuing to operate and are exploring all options to seek a continuation of the business.'
Shares in Stanley Gibbons, whose eponymous founder was born in 1840, the year the Penny Black was issued, traded on the stock market for 20 years before being floated by Phoenix in 2022.
Last year it lost £2.9 million, after making a £2.6 million loss the year before.
Phoenix was founded in 1998 by Channon and recently teamed up with Wood, who was behind Direct Line and Esure, to invest in British brands. In May it bought funeral directors Dignity.