SG to Stamp on eBay? Stanley Gibbons Acquires BidStart
Currently there are more than 6 million listings offered on BidStart of which around half are philatelic. Stamp and collectables sellers are attracted by significantly lower fees compared to eBay.
To fund the acquisition, SG has placed more than 3 million new shares to raise £6 million and reports suggest they plan to invest significantly in the BidStart website. BidStart's founder, Mark Rosenberg, is expected to join the board of Stanley Gibbon e-commerce Limited.
There's reason to believe SG will soon look to enable more currencies and target the GB stamps market as Michael Hall, chief executive, has said; "Following the sizeable investment in our databases and website in recent years, the acquisition of BidStart and associated fundraising is expected to enable the acceleration of the delivery of the key aspect of our online strategy and consequent shareholder returns. I believe the BidStart technology is the best in the collectibles market. I am also confident that the founder and majority shareholder, Mark Rosenberg, will prove a key asset to the group in developing the opportunities associated with taking the Stanley Gibbons brand online globally."
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