Filofax, one of the most famous names in personal organisers, has been sold to UK diary maker Letts for £17 million ($24.25 million). The Filofax group makes leather bound organisers that became a must-have product during the boom years of the 1980s. At its peak Filofax sold 6.5 million organisers a year. It floated in 1987 when it was worth £12m.

Unfortunately, as the decade's excesses became forgotten in the subsequent recession so did the fortunes of the Filofax Group. Owners Day Runner lost the battle to stave off the electronic "new wave" of organisers and sold the firm for a £33 million loss.

Letts was the subject of a management buyout last August and this is the first big deal since then. The two companies’ businesses overlap significantly and consolidation seems logical in the sector if it is to provide a robust challenge to new personal devices.