Stamp and coin specialist Stanley Gibbons has put itself up for sale, just days after claiming it received a takeover approach from private equity firm Disruptive Capital.
The company said it has commenced a strategic review aimed at unlocking "long term value", which could include a sale of some or all of the group.
Shares in Stanley Gibbons rocketed on Friday after the company said it had received a takeover approach from Disruptive.
However, Disruptive said in its own announcement on Monday it is "not making an offer" for the firm, despite being in discussions with Stanley Gibbons management.
Nevertheless, Stanley Gibbons said it expects to invite further proposals during the course of the summer.
The firm said in a statement: "Following a complete overhaul of the board and the executive leadership last year, the company has now been comprehensively restructured.
"During this time the new board has successfully reduced annualised operating costs by over £10 million and announced disposals totalling £6.3 million.
"Against this backdrop, the board had resolved to conduct a full strategic review to investigate the options open to them which, for the avoidance of doubt, could include a sale of some or all of the group."
Stanley Gibbons is working with finnCap to conduct the review.