Stanley Gibbons (SGI) has announced it has exchanged contracts on a £4.5 million sale of its freehold property at Adelphi Terrace in London, with completion scheduled on or before 17th November. The company added that by this time all of its specialist collectibles trading and auctions divisions will be co-located at its Strand premises.
This property rationalisation is a result of the November 2013 acquisition of Noble Investments - “improving operating efficiencies across the enlarged group”. We previously commented on substantial asset backing for the valuation – noting stock estimated to be worth over £100 million at retail prices and net cash. The 31st March 2014 balance sheet included “freehold land and buildings” of £3.13 million, so this is a further addition to asset backing.
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