Filofax sold in new venture Harolde Savoy, whose family owns the Blueline/Rediform stationery supplier group in North America, has agreed to purchase the Letts Filofax Group with its chief Gordon Presly, under the joint venture HSGP Investments. The two stationery industry veterans have been associates and friends for more than a decade. Mr Presly said the industry was "ripe for consolidation." "After leading the company for 13 years under private equity ownership, which has been exciting and demanding, this new ownership structure gives us a longer-term outlook and also brings fresh long-term support for the company," he said. Mr Presly was appointed chief executive of Letts in 1998 and of Letts Filofax Group in 2001, when Filofax - which was associated with yuppies in the 1980s - was acquired by Letts. In 2006, Mr Presly led a secondary management buy-out backed by the private equity firm Phoenix, in a deal that valued the business at about £50m. Under the terms of the deal, which was signed on Friday, HSGP acquired 100pc of the share capital of FLB Group, the holding company that owns all the assets within the Letts and Filofax businesses. HSGP has secured new three-year working capital of up to £15m per annum from PNC Financial Services. The new tie-up is expected to help Filofax, which is based in Dalkeith in Scotland, benefit from "economies of scale," according to sources close to the deal. The Blueline/Rediform group has operations in Canada, America and Mexico.