Owner sells Stanley Gibbons for pounds 13.5m
Wednesday 08 April 1998
The sale makes a multi-millionaire of Paul Fraser, a 42-year-old collector of music and autographs who bought Stanley Gibbons for an undisclosed sum in 1995.
Stanley Gibbons has a history going back 142 years and has become the best known retailer and auctioneer of philately products. Its store on the Strand in London is the world's largest stamp shop and it regularly holds auctions on the premises. Its catalogue is the bible of the stamp collecting world and its magazine has a circulation of 25,000.
Investment constraints mean it has struggled to build its business internationally. The business made profits of pounds 1.2m on turnover of pounds 9.4m. Its new owners said they would use their systems and database knowledge to expand the Stanley Gibbons operations.
Mr Fraser will work for Stanley Gibbons two days a week. He is not taking cash but accepting payment in Flying Flowers shares instead. Flying Flowers is allotting 2.6m shares at 516p to cover the deal. This will leave Mr Fraser with a stake of over 8 per cent in the enlarged Flying Flowers business.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...