Partridge Fine Art Goes Into Administration
Update: 10/09/09 Partridge Fine Art has been reported as going into administration. Moving vans have been busy clearing all stock from the Bond Street gallery. The likelihood of finding a buyer for Partridge, at this stage seems unrealistic, although the official word from the receivers is, that they are still actively seeking a buyer for the business as an ongoing concern. By the time most people read this article Partridge Fine Art will be a footnote in the history of the London trade.
"The world famous reputation of Partridge has been established over the last hundred years, the finest private and public collections of the world have all drawn on the famous connoisseurship displayed throughout the four floors of a landmark listed purposed building,Palace of the Arts”. So states their website.
Sadly, yesterday the company went into receivership.
Located at 144-146 New Bond Street. In the heart of London’s prestigious luxury brands road, Partridge is to close after suffering a fatal blow in the worldwide credit crunch.
One of a handful of major art and antiques dealers in London, Partridge Fine Art have been in business over 100 years. It was set up in 1902 to buy antiques for Queen Mary and sold to private clients and designers as well as institutions such as the British Museum, the J Paul Getty Museum and the Metropolitan Museum in NYC.
The Allied Irish Bank is the main creditor to the company. Matt Bond and Andrew Stoneman, partners in MCR, have been appointed joint administrators. The business is going on as usual at the dealership's flagship four-story townhouse on Bond Street. Princess Michael of Kent is the firm's president but it is unknown if she will step down.
The administrators are focusing on selling the business as a going concern. It was a thriving company in the past however in the last few years the company has lost direction and ground to competitors like Mallett another Bond Street firm. It has been suggested that Partridge just fell out of fashion and continued selling a type stock that had few takers. Their refusal to move into the 20th century market has been their downfall.
It was owned by the Partridge family until 2005 when it was sold to Amor Holdings for around £14 million.