Letts Filofax Group (‘LFG’), a leading global supplier of paper-based stationery products and related accessories based in Dalkeith, has been bought by HSGP Investments Ltd (HSGP).
HSGP has acquired 100 per cent of the share capital of FLB Group Ltd, the holding company which owns all the assets within the Letts and Filofax businesses for an undisclosed consideration.
New three year working capital facilities of up to £15 million per annum have been provided to the company by PNC Financial Services UK Ltd.
HSGP is owned by Harolde Savoy and Gordon Presly.
Mr Savoy is a Canadian entrepreneur living in Dallas, Texas whose family owns the Blueline/Rediform Group in North America, a leading North American stationery supplier.
Dominion Blueline Inc. is based in Montreal, Canada and Rediform Inc. is based in Dallas, Texas.
Mr Presly is the current CEO of LFG. He was appointed CEO of Letts in 1998 and of Letts Filofax in 2001 when Filofax was acquired by Letts.
The two stationery industry veterans are well known and highly regarded in global industry circles. They have been associates and personal friends for over ten years.