Stanley Gibbons buys rare stamp dealer for 1m pounds

Philately group Stanley Gibbons is buying a dealer specialising in British Commonwealth King George VI stamps for one million pounds.Gibbons is buying Murray Payne in a cash-and-shares deal involving the issue of 63,470 new ordinary shares in Gibbons.It is paying £770,000 in cash and the rest in shares, giving the owners of Murray Payne a stake in Gibbons of less than 1%.Respected philatelists Stuart (Murray) Babbington and Dickon (Payne) Pollard founded Murray Payne in 1990.The business has grown to be widely regarded as a leading expert in all aspects of British Commonwealth philately with specialist knowledge in stamps and memorabilia from the reign of King George VI. The business has a long history of profitability.Gibbons' Chief Executive Mike Hall said: "This acquisition is in line with Stanley Gibbons' stated strategy of growing its market share of the rare collectibles auction market."Following the retirement of our auction director in June last year, we had a gap in our senior management team specifically in the stamp auctions arena."The acquisition of Murray Payne brings with it recognised managerial expertise, which will assist us in developing our UK stamp auctions business."Shares in Gibbons fell 0.13% to 373.5p at 15:35 in London.PW