Slump licks stamp firm

The future of the world’s oldest collectable stamp and coins business is now in the hands of its bank.

Losses at Stanley Gibbons widened from £27.9million to £30.2m last year, as sales slumped from £59.1m to £42.5m.

The historic firm said it had been kept alive over the past 18 months by help from its lender as it underwent a shake-up.

Bosses yesterday warned it “remains dependent upon the bank’s ongoing support.”

The group has been stung by a slowdown in the stamps and collectables market and a string of failed acquisitions.

Chairman Harry Wilson said it was hoping of finding alternative finance should lenders pull the plug.