THE Dalkeith-based maker of Filofax leather organisers has been bought by its chief executive, according to reports today.
Gordon Presly, who has headed Letts Filofax since 2001, is said to have teamed up with Canadian stationery entrepreneur Harolde Savoy to acquire the group from Phoenix Equity Partners.
Once the must-have accessory in the 1980s, Filofax was bought by diaries group Letts in 2001 before Mr Presly secured a £50 million management buyout backed by Phoenix seven years ago.
For the latest acquisition, he has reportedly set up a joint venture called HSGP Investments with Mr Savoy – whose family owns the Blueline/Rediform stationery supplier group.
Letts Filofax made pre-tax profits of £2.1 million on sales of £53 million in the year to January 2012.
The Filofax organiser dates its history back to the First World War