Qatari collector ‘owes Baldwin’s £2.2 million’

Rare gold coins dealer Baldwin’s today said it was owed £2.2 million by a Qatari collector, leaving its owner, Noble Investments UK, warning of legal action.

Shares in Noble fell 6.5% or 12.5p to 180p on news that “a significant Qatari collector has yet to settle the consideration due”.

The bidder had not received the coins purchased as a result, Noble said.

“While the directors remain confident that the consideration, and hence the commission due to Baldwin’s, will be settled in full, we are receiving legal advice and taking necessary steps to protect Baldwin’s position... We will continue to retain the coins until such time as payment is received.”

Ian Goldbart, managing director of Noble, said: “We are naturally disappointed with the continued delay in receiving payment from the Qatari collector, however the new financial year has started well with a strong auction book for 2013.”