Flying Brands has sold a mail order stamp collecting subsidiary in order to concentrate on “businesses with good online growth prospects.”
The company said today it had sold its Benham first day cover and collectibles mail order business, which turned over £2.96m in its latest financial year, to Stanley Gibbons in a deal worth £1.5m in total.
The sale comes as the company looks to focus on its online businesses, which include Flying Flowers, Gardening Direct, Garden Bird Supplies and audiobook and entertainment supplier Listen2.
Stephen Cook, chief executive, said: “The disposal of Benham is a continuation of the group’s strategy of focusing on its core divisions of garden and gifts and on businesses with good online growth prospects. The prospects of the sale of Benham will be used to strengthen our business in those areas.”
Last month Flying Brands bought Garden Centre Online as part of a ‘strategy to acquire businesses in areas that are complementary to our existing product range.’ At the time Cook said the move would further increase online sales.