Letts Filofax Snapshot
Shall we buy a diary? Yes, Letts. Letts Filofax Group produces diaries for personal and business use, clinging to a tradition of entering data into an analog, paper-based storage device, rather than the handheld electronic organizers and personal digital assistants. Its business comprises a dozen operating divisions that support the Filofax and Letts brands in major countries. The Scottish stationery firm was founded by John Letts in 1796 in London, and produced the first commercial diary in 1812. The company bought Filofax Group in 2001 for $29.7 million (£17 million). In 2006 its management team and biggest shareholder sold the company to Phoenix Equity Partners for $78.6 million (£45 million).
