The art dealership that was founded to purchase antiques for Queen Mary in 1902 has been placed into administration.
Andrew Stoneman and Matt Bond of MCR have been hired as joint administrators to Partridge Fine Arts, which is still trading as normal.
The administrators were appointed yesterday, and said it is too early to establish the reasons for Partridge's move into administration. It has been speculated that the core reason could be the current economic crisis.
The main focus for the administrators is to sell the business as a going concern and retain the employees' positions, while saving the business and therefore protecting a historical establishment.
The sale is expected to attract a substantial amount of interest. It is understood that interior design company Candy & Candy has previously expressed interest in purchasing the business and may do so again.
The business is situated on New Bond Street, in London in a listed building called the "Palace of the Arts". It sells antiques to institutions including the British Museum and the Metropolitan Museum of Art, as well as private clients and designers.
The Partridge family sold its control of the firm in 2005 to Amor Holdings for £14m, ending 103 years of family ownership.
