The latest developments in a turbulent period for the 160-year-old firm come after the chairman Martin Bralsford stepped down and then resigned as a director of the company in May.
In a statement on July 15, it was announced that the roles of CEO Mike Hall and CFO Donal Duff will become redundant and they have also stepped down from the board.
The company is changing its management structure with Harry Wilson, who joined the board as Bralsford’s replacement two months ago, becoming executive chairman. Andrew Cook, who was appointed group managing director in May, will also join the board and will replace Duff as CFO.
In addition, Simon Perree, who served a three year term as non-executive director, has decided not to seek re-election and has decided to resign with immediate effect.
The latest corporate update from The Stanley Gibbons Group PLC states that these changes are tied in with company’s plans to end its off-shore status in Jersey. It reads: “Having regard to the fact that most of the [company’s] activities are now in the UK, the board has concluded that the geographical locations of the executive board and management team should have more UK emphasis in order that they may be better able to meet the needs of the group.”
It seems likely that a desire for new leadership after a period of turmoil also lies behind these developments.
The company has experienced a series of difficulties including poor trading results, a collapse in its shareprice (the current price is less than 5% of the value a year ago) and the fact that the firm’s auditors resigned in March because they believed the firm was exposed to excessive risk.
Stanley Gibbons undertook a “rationalisation and repositioning” process to reduce costs by £5m and also sold the lease on Ely House, Dover Street in Mayfair for £2.5m at the end of May.
Executive chairman Harry Wilson said: “The restructuring of Stanley Gibbons is unsettling for all concerned but the business and the directors would like to thank both its staff and customers for their ongoing support. Whilst there are undoubtedly challenges ahead, at the heart of the business are some of the leading experts in their respective fields together with stock items that are the envy of our competitors the world over. This combination is an excellent platform from which to restore the trading fortunes and reputation of the Group.”