Queen of England's Luxe Stationer Smythson for Sale
Smythson of Bond Street, suppliers of luxury stationery and leatherbound diaries to the Queen of England, is being put up for sale. According to the company however this is not a distress sale, rather the result of several parties having expressed interest in acquiring the business, the London Telegraph reports. Smythson was bought for £16 million in 2005 by a consortium led by Goldman Sachs banker Mike Sherwood. Sales have increased considerably since then and are expected to be around £20 million for the previous year-to-date. Nonetheless this seems like an odd time for any investor to pay a premium for a luxury goods company.
Founder Frank Smythson opened his first London shop in 1887. His trade card described his business as "First class stationery, leather goods and cabinet work." In addition to its UK shops Smythson now has stores on New York's 57th St. and Beverly Hills' famed Rodeo Drive. Smythson was granted a Royal Warrant to Her Majesty the Queen in 1964. Other warrants followed: HRH The Prince of Wales in 1980, HM The Queen Mother in 1987, and HRH The Duke of Edinburgh in 2002. Back in September we reported on Smythson's luxurious $6,500 watch cabinet.