LONDON, UK: Stanley Gibbons plc has purchased of 20% of the equity in Showpiece Technologies Ltd from Phoenix Asset Management Partners (PAMP), through its subsidiary Stanley Gibbons Limited.
Showpiece is the fractional ownership platform through which the company is making available for sale, beneficial title in fractions of the world’s most valuable stamp, the 1c-Magenta at www.showpiece.com.
The cash price of the transaction of £2,000 is equivalent to 20% of the value of the equity in the business, all of which is held in cash. The other 80% is contemporaneously being purchased by Castelnau Group plc, a Company controlled by PAMP, for £8,000.
Showpiece is a technology platform business which focuses on providing fractional ownership of culturally significant items. It was incorporated in August 2021 and as of the date of the transaction has not recorded any revenue, profit or loss.
Graham Shircore, CEO of Stanley Gibbons said: ‘When Showpiece was created, it was always the intention that as its first partner, Stanley Gibbons, would take a minority stake in the business for a nominal amount. I am very pleased to be able to say that this has now been completed and we hope that it is just the beginning of an exciting and profitable journey.’
‘As a market leader in one of the world’s longest standing hobbies, the opportunity to become involved in a platform which is at the cutting edge of changing collecting habits has a natural symbiosis from which both businesses can benefit over time.’