JERSEY-based stamps and collectibles group Stanley Gibbons has paid US$1 million to buy an American online collectibles business.

Stanley Gibbons Group plc, which is a London AIM listed company, has agreed to buy the assets of Stampwants.com Inc, trading as bidStart.

And the business said that it is committed to using Jersey to develop and expand its e-commerce operations.

To finance the deal and future costs of developing an online collectibles trading platform, £6 million has been raised by a conditional share placement.