They already have found him, Cap. Phoenix Asset Mgt. who was SG's controlling shareholder bought SG and renamed the company Strand Collecetibles Group. I have a writeup on it in the next IPDA newsletter, but I think I can preview it here.
Stanley Gibbons Ltd Sold to Castelnau Group
Name Changed to Strand Collectibles Group
In a move that has the philatelic community buzzing, Stanley Gibbons Ltd has been bought out by an investment firm and the name changed to Strand Collectibles Group. This follows a chain of events that began years ago.
In April 2021, SG revealed they were open to takeover offers, and were soliciting buyers for the group.
On 7 September 2022, after a special general meeting called by the majority shareholder, Phenix Asset Management, Stanley Gibbons Ltd was delisted from the London Stock Exchange, and all outstanding shares were cancelled.
On 22 December 2023, SG fell into administration (or in American terms, reorganization, or Chapter 11 bankruptcy), and the company was immediately purchased by Strand Collectibles Group, a company formed by Castelnau Group which, in turn, is owned by Phoenix Asset Management).
The primary objective of administration is to help a company regain its footing and work out a debt repayment plan, while continuing operations as usual. The accounting firm of PricewaterhouseCoopers was named as the administrator.
The company was delisted from the London Stock Exchange’s AIM (junior market) after the 58% majority shareholder, Phoenix Asset Management (PAM), called for an extraordinary general meeting of shareholders and a vote on delisting the company. Shareholders were given the opportunity to sell their shares to PAM for 1.5p per share. PAM also warned of the possibility of withdrawing their financial support of the company, if the resolution did not pass. The resolution did, in fact, pass, and on 7 September 2022, the company was delisted, and all of the company shares cancelled.
PAM arranged for what is called a pre-packaged, or pre-pack administration, under which PAM, through their subsidiary Castelnau Group, would immediately repurchase Stanley Gibbons Ltd. Castelnau Group is a company which was formed by PAM to be their vehicle for acquiring and running the businesses in which they invest.
Castelnau has transferred all of the previous Stanley Gibbons assets, inventory, employees, and brands – Stanley Gibbons Ltd and their coins and medals branch A. H. Baldwin & Sons – to a new company called Strand Collectibles Group. A new website has been created to host the numismatic and trading card business, as well as the Stanley Gibbons curated stamp auctions –
www.baldwins.co (not .co.uk and not .com). SG’s traditional philatelilc business remains at the website
www.stanleygibbons.com (not .co).
Phoenix Asset Management is known as a turnaround specialist, buying distressed companies, installing new management, and bringing them back to profitability. They are also already entrenched in the hobby industry, being the majority shareholder in Hornby, maker of model railroads. Through that company, they also own Airfix, a plastic airplane model kit manufacturer, as well as die-cast car maker Corgi.
At the time of its delisting from the stock exchange, the market value of Stanley Gibbons (that is, the cost to purchase 100% of the shares) was less than 5 million pounds, less than the value of their single largest asset, the Guiana 1c Magenta stamp. In the last two fiscal years, however, SG rang up annual losses of £2.9 million and £2.6 million.
Phoenix Asset Management has a very good investment record. Since its inception in 1988, investors have realized an average annual return of 9.5%, more than double the annual 4.5% return for the FTSE All Shares Index, which tracks the performance of around 572 companies traded on the London Stock Exchange.
Only time will tell if they will be able to perform their magic on Stanley