LONDON (Alliance News) - Rare stamps and collectibles trader Stanley Gibbons Group PLC on Tuesday said it has exchanged contracts to sell its leases over Ely House, Dover Street, Mayfair and another adjacent property in London.
Stanley Gibbons will receive GBP2.5 million from the lease sales, which will enable it to reduce its debt by around GBP2.4 million.
The company added that it has also completed the sublet of a substantial part of its New York premises on Madison Avenue.
"The successful completion of both these property transactions, which will have a profit and cashflow benefit of approximately GBP1.3 million in a full year, represents an encouraging start towards the cost-saving target of GBP5 million per year," Stanley Gibbons said in a statement.
Shares in Stanley Gibbons were trading up 1.1% at 14.28 pence on Tuesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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