Stanley Gibbons sells Mayfair property
Collectable postage stamp retailer Stanley Gibbons has announced that it has exchanged contracts to sell the companys leases over Ely House in Londons Dover Street and another adjacent property for £2.5 million.
After costs, the company will use the funds to reduce its debt by approximately £2.4 million.
Stanley Gibbons has also completed a sublet of a substantial part of its New York premises at 929 Madison Avenue.
The company said the completion of both transactions represents an “encouraging start” towards its cost-saving target of £5 million per year.
In a further announcement, Stanley Gibbons said it has appointed Henry Turcan as a non-executive director. Currently an employee of Henderson Global Investors, a significant shareholder in the company, Turcan was previously a co-founder and director of Novum Securities, an independent stockbroking business focused on UK listed securities, and prior to that was a corporate finance director at Evolution Securities.
Harry Wilson has now been confirmed as Stanley Gibbons’ chairman following his appointment as chairman elect earlier this month.
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