Flying Flowers drops stamps business

By THIS IS MONEY
Updated:

 

Mail order group Flying Flowers today confirmed plans to split off its Stanley Gibbons stamp collection business, signalling an end to a disastrous integration attempt.

Flying Flowers bought Stanley Gibbons two years ago, hoping to benefit from owning the two large databases. But the move was dogged by problems. Profit warnings and a heavy share slump soon followed.

The group will now rename the core business Flying Brands, which will include the Flying Flowers and Gardening Direct operations among others.

Tim Dunningham, head of the Jersey-based flowers business, will remain chief executive at the operation.

Paul Fraser, who owned Stanley Gibbons before selling it to Flying Flowers, will run the demerged stamps and collectables operation. The new company will be called Communitie.com, reflecting its strong Internet base.

Tony McQuillan, who was managing director at Stanley Gibbons before its sale, will be chief executive of Communitie, to be launched on the Aim stock market for smaller companies.

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