Queen of England's Luxe Stationer Smythson Sold for $29 Million
Back in March we broke the news that Smythson of Bond Street, suppliers of luxury stationery and leatherbound diaries to the Queen of England and other toffs, was being put up for sale. Now the famed firm has been has been sold for £18 million or about $29 million to Greenwill SA, the holding company for Tivoli Group, an Italian leather goods manufacturer. Smythson had insisted the sale was motivated not by financial hardship but rather the result of several parties having expressed interest in acquiring the business. However, the sale price is not much of a premium over the £16 million a consortium led by Goldman Sachs banker Mike Sherwood paid for the company in 2005. Founder Frank Smythson opened his first London shop in 1887 offering "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.