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Mowbray Collectables, the unprofitable listed auction-house business, has sold its stamps, coins and banknotes collectables business to outgoing chief executive John Mowbray in a bid to return to profitability.
The Wellington-based company sold its wholly-owned subsidiaries Mowbray Bethunes and Wildlife Philatelic for their undisclosed value as at March 31, which would be confirmed in the next few weeks, it said in a statement.
Given the close involvement of Mr Mowbray with both businesses, the auction house set up a sub-committee of its independent directors, chaired by Chris Swasbrook, to manage the sale.
Last August, Mr Mowbray told shareholders he would be step down as chief executive after 12 years heading the company, and said he was conscious of not achieving what he had set out to do - to grow a significant-sized company on the NZX.
The company listed on the stock market in April 2000.
The sale came after the company reviewed operations after it widened its first-half loss to $1.99 million in the six months ended September 30, from a loss of $700,000 a year earlier.