Noble Investments, the parent company of coin and medal specialists Baldwins, have announced the acquisition of Apex Philatelics Limited – their first foray into the stamp market.
Apex, based near Lingfield, Surrey, were established in 1994 and
are dealers and auctioneers of postage stamps from around the
world.
Apex conduct approximately three public and four postal auctions
a year and have in the region of 5000 clients including
approximately 1000 stamp dealers. Last year they turned over
£1.9m.
At a price of up to £1.25m, Apex become a wholly owned
subsidiary of Noble and, over the next few months, all their
operations will be transferred to Noble's premises in London at 11
Adelphi Terrace.
The directors of Apex will continue managing the business and
intend to grow it as the stamp division of Noble. This is expected
to increase the number of auction catalogues produced within the
Noble Group to approximately 22 from the present 15.
Noble told shareholders Apex had been acquired for up to £1.25m
depending upon performance - the initial consideration of £875,000
is to be satisfied by the issue of 54,153 ordinary shares.
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