LONDON (Alliance News) - Stanley Gibbons Group PLC Wednesday said it has sold its freehold property at Adelphi Terrace in London for GBP4.5 million, part of its move to integrate all of its specialist collectibles trading and auctions divisions into one location.
The stamp collecting company had been looking to sell the freehold property, following the acquisition of Noble Investments UK PLC in September last year, of which it planned to rationalise its property portfolio.
Last week, the company said the integration of Noble Investments UK was progressing, while building works currently underway at its 399 Strand shop in London were on schedule to complete in September, after which the Baldwin's and Stanley Gibbons teams would be integrated.
"Completion [of the freehold property sale] is scheduled to take place on or before November 17, by which time the Baldwin's team will have completed their move from Adelphi Terrace into 399 Strand, thereby integrating all of our specialist collectibles trading and auctions divisions in the same location," the company said in a statement Wednesday.
Stanley Gibbons shares were down 0.2% at 298.00 pence in early trading Wednesday.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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