Stanley Gibbons ‘dependent on support’ of its bank as woes grow for stamps specialist

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StanleyGETTY

Stanley Gibbons ‘dependent on bolster’ of its bank as woes grow for stamps specialist

Annual trading drubbings at the firm, with a boardroom overhaul last year, rose from £3.9 million to £8.8 million.

Chairman Harry Wilson said calling conditions remained “subdued” and it is “in default on its bank facilities and is likely to call for access to further liquidity”. 

It has “reasonable grounds” to believe alternative fund will be available through asset disposals or another provider. 

There can be no guarantee that the bank command provide facilities beyond 31 May 2018

Harry Wilson

Mr Wilson clouted: “There can be no guarantee that the bank will provide facilities beyond 31 May 2018 and the friends is likely to require access to further liquidity in the intervening period.

“The band remains in constructive discussions with the bank, regarding its short-term liquidity prerequisites, and the terms of such funding in such form as it may become available.”

StampGETTY

Chairman Harry Wilson symbolized trading conditions remained ‘subdued’

However, he added that the gaming-table has «reasonable grounds» to believe that alternative finance will be readily obtainable via further asset disposals or from an «alternative finance provider» should lenders go the plug.

Earlier this year, Stanley Gibbons put itself up for vending as part of a review being led by finnCap, with private equity unshakeable Disruptive Capital thought to be interested.

Shares fell 1½p to 8p.

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