The completion of Mark Law’s deal to buy auction house Dreweatts from stamp dealer group Stanley Gibbons has been delayed due to a change in financial backing for the £2.4m purchase.
Stanley Gibbons issued a stock exchange announcement on July 14. It updated investors that the “funding arrangements” for Law’s company Millicent for the payment of the initial £2.25m that was due on completion of the deal are “delayed as a result of a change in the financial backers of Millicent”.
When the deal to buy Dreweatts and the Mallett brand name was announced in May, Law was working with investor Gavin Alexander.