Stanley Gibbons sells auction house Dreweatts, furniture dealer Mallett for $4.2m

The iconic stamp and coin dealership group Stanley Gibbons—located across the pond with headquarters in Ringwood and London—recently announced the sale of its auction firm Dreweatts as well as its furniture dealer Mallett to a newly formed company.

According to the London Stock Exchange (LSE) regulatory story, Millicent Holdings has paid $4.2 million Cdn. (about £2.4 million) to acquire the two companies that previously formed a portion of Gibbons’ interiors division. As noted by the LSE story, this sale does not include Mallett’s inventory of furniture; the rental income from the former Mallett New York office; the Bloomsbury auction and retail business; or its interests in the fair Masterpiece London.

According to the LSE story, Stanley Gibbons will use the proceeds from the recent sale to pay down some its debt as well as “support the ongoing rationalisation exercise and to provide additional working capital for the Group.”

“The Interiors division, which includes the Dreweatts, Malletts and Bloomsbury businesses, made an operating loss before exceptional costs of £4.1 million in the year to March 2016 and £2.1 million in the six months to September 2016.”

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