Stanley Gibbons puts itself up for sale

Struggling stamp auctioneer Stanley Gibbons has put itself up for sale amid confusion around a recent takeover “approach”.

The stamps and collectibles firm has hired finnCap to conduct a review that “could include a sale of some or all of the group”.

Details of the appointment came three days after Stanley Gibbons revealed it had received an unsolicited takeover approach from Disruptive Capital Finance, the fund run by Edi Truell, Boris Johnson’s former adviser.

But Disruptive has denied it is making an offer, and suggested an email it sent to Stanley Gibbons had been “interpreted” as a bid under UK takeover rules.

Shares were down 1.88p, or more than 14%, to 11.25p after the statement.The AIM-listed stamps firm said it expects to invite takeover proposals over the summer.

The company — which started in 1856 — has been undergoing a major restructuring after a bleak period which saw it post a £29 million loss last year after uncovering “fundamental” errors in its accounts.

The board has been completely overhauled and the firm wrote off millions on a disastrous online marketplace for collectibles.