Stanley Gibbons has acquired the stamp dealers Nigel Haworth for £300,000.
Stamps and collectables business Stanley Gibbons has acquired the stamp dealers Nigel Haworth for £300,000.
Under the terms of the deal £150,000 will be paid on completion of the transaction followed by an additional £150,000 in April 2011. The acquisition is to be funded from Stanley Gibbons’ cash resources.
Stanley Gibbons chief executive Michael Hall, comments: ‘Primarily, this is an investment in our brand and the quality and range of our stockholding. The acquisition will provide benefits for many years to come through increased sales and new customer recruitment and, in due course, will significantly enhance the range offered on our website and through the traditional channels of retail and mail order.’
Established in 1964 Nigel Haworth specialises in modern issues of British Commonwealth stamps. The company formerly traded as M & N Haworth. Haworth, who owned and ran the business, will join Stanley Gibbons as a consultant to assist in the sourcing of future material.
London-based Stanley Gibbons trades in a range of stamps and philatelic equipment as well as producing exhaustive annual valuation catalogues. In the year to March 2010 the company declared a pre-tax profit of £4.1 million on sales of £23.4 million.