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Stanley Gibbons (Guernsey) Limited


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Hi,

 

Please avoid this so called respected company that has a royal warrant from Queen Elizabeth II !!!!!!

 

Their main activities are:-

 

  • trading in stamps and other philatelic items, coins, medals and banknotes;
  • auctioneering, valuing (for sale, auction, purchase, insurance and/or probate) the above;
  • development and operation of collectibles websites, online trading and auctioneering;
  • philatelic and collectibles publishing including catalogues, albums and magazines in hard copy and electronic media;
  • retail and mail order;
  • manufacturing of albums and accessories.

 

They have many ring fenced limited companies trading around the global arena.

 

Sadly the Guernsey subsidiary has gone into administration with debts exceeding £70 million.

 

Consumers invested in a scheme that promised 75% of the market value of stamps, or 100% of original amount invested on sale.

 

The poor people who invested will not get their money back as the other companies successfully trading are ring fenced.

 

https://www.thetimes.co.uk/article/stanley-gibbons-guernsey-subsidiary-goes-into-administration-glkdblgw5

 

Any ideas what can be done?

 

If everybody took ownership of their portfolios, and tried to sell, this would have the worst outcome, as it would drive down the price of all the portfolios.

 

Thank you.

Brian

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  • 3 weeks later...

Hi HB,

 

Thank you for replying x

 

How do I put this question into correct place?

 

Thank you

Brian

 

 

 

 

QUOTE=honeybee13;5161042]Hi, yes.

 

Do you have a question? You've posted in the Media subforum so people often don't comment on the threads.

 

HB

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Thread moved to General Consumer Issues Forum.

 

 

Andy

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I would imagine that most investors would prefer to have their portfolios returned to them since handing them over to Gibbons would probably mean that they would be lucky to get 20% of it back as a creditor.

 

Once it is back in their hands there is no compunction for them to sell their portfolios straight away.

I understand that one of the reasons for that Company getting into difficulties was because so many people had already taken advantage of the 75% valuation and taken their money. That would seem to suggest that most of the remaining investors did not need the money so soon .

 

In addition they would know that to cash their portfolios altogether might depress their returns though that might be partly offset by the fact that many of the investments may have been from countries around the world rather than say all Great Britain surface printed stamps of Queen Victoria.

 

Besides if they originally bought their stock from Gibbons they should have been aware that it would take years before they could make a reasonable profit and probably not by selling it back to Gibbons.

Edited by dx100uk
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They are a Non Regulated Financial Services Business: https://www.gfsc.gg/commission/registered-entities/1022300

 

As the Administrator PricewaterhouseCoopers (pwc) is now dealing with this: https://www.pwc.co.uk/services/business-recovery/administrations/stanley_gibbons.html

 

They sent a letter to all Investors 29 Jan 2018 which is downloadable at the above link and the Administrators have explained what is happening and the different options available at that time.

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  • 4 weeks later...

a problem any investor will have is identifying their goods. If they bought a certain number of stamps that are identifiable then they can claim these from the liquidators but if they chucked money into a general pot that bought and held stamps as an investment portfolio then they dont own stamps but shares or units in a stamp owing company and will get the dregs of what the liquidators can keep their hands on when priority creditors are paid. you can bet that SG is a preferential creditor so will hoover up the stamps at a discount.

Edited by Andyorch
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