STANLEY GIBBONS CASH CRISIS

THE future of Stanley Gibbons has been thrown into doubt after the firm saw its losses more than double last year.

The 161-year-old stamp collecting firm posted a £8.8m loss in the year to March – up from £3.9m the year before after a slump in trading across all divisions. Sales dropped to £42.5m from £59.1m.

As a result, the firm, which has been propped up by RBS over the past 18 months, said its future is hanging in the balance and depends on whether the bank will provide more money.

Harry Wilson, chairman, said: ‘There can be no guarantee the bank will provide facilities beyond May 31, 2018, and the company is likely to require access to further funds in the intervening period.

‘The company remains in constructive discussions with the bank, regarding its short-term liquidity requirements.’

Stamp seller Stanley Gibbons was born in 1840 – the same year the world’s first stamp, the Penny Black, was issued

When he was 16 Gibbons started selling stamps from his father’s chemist in Plymouth

The business was awarded a Royal Warrant in 1914 thanks to King George V’s passion for stamp collecting

Today it is the world’s oldest rare stamp merchant. It stocks more than 1m stamps

In 1973 Bhutan issued a stamp that could play its national anthem if put on a record player