Stanley Gibbons Limited (AIM:SGI) and A.H. Baldwin & Sons Limited - Administration

Stanley Gibbons Limited (AIM:SGI) and A.H. Baldwin & Sons Limited, the trading entities of the Stanley Gibbons group, the world's longest established rare stamp dealer, entered administration on 22 December. Edward Williams, Timothy Higgins and Peter Dickens of PwC were appointed joint administrators. The companies operate from a head office on the Strand, London and have a secondary site in Ringwood, Hampshire. Despite strong growth in auctions this year and new partnerships in publications, the companies were unable to resolve their historical liabilities including pensions, legacy acquisitions, leases and debt. An unsuccessful solvent sale process was undertaken, leading to the appointment of administrators. Immediately on their appointment, the joint administrators completed a sale of the business and assets of the companies to Strand Collectibles Group, saving 66 jobs. Phoenix S.G. Limited, Bestrustees Limited, Phoenix UK Fund Limited, National Westminster Bank PLC and The Royal Bank of Scotland PLC have registered charges against the companies.