PARTRIDGE FINE ARTS PLACED INTO ADMINISTRATION

PARTRIDGE FINE ART, THE FAMED ANTIQUES DEALERSHIP SET UP IN 1902 TO BUY ANTIQUES FOR QUEEN MARY, WAS PLACED INTO ADMINISTRATION -MEANING IT WILL BE RUN BY A BANKRUPTCY SPECIALIST FOR THE BENEFIT OF ITS CREDITORS, EARLIER THIS WEEK. THE HISTORIC BUSINESS, WHICH SELLS TO PRIVATE CLIENTS, DESIGNERS AND INSTITUTIONS SUCH AS THE METROPOLITAN MUSEUM OF ART, THE BRITISH MUSEUM AND THE J PAUL GETTY MUSEUM, IS PROBABLY BEST KNOWN FOR SELLING A LOUIS XVI WRITING TABLE TO THE J. PAUL GETTY NEARLY 35 YEARS AGO FOR WHAT WOULD BE FOR MILLIONS OF POUNDS AT TODAY'S PRICES. THE TABLE WAS DESIGNED IN 1777 BY JEAN-HENRI RIESENER, ONE OF THE GREATEST CABINET MAKERS OF HIS AGE, AT THE BEHEST OF MARIE ANTOINETTE, WHO SAW IT AS AN INTEGRAL PIECE OF FURNITURE FOR HER PALACE AT VERSAILLES. THE ALLIED IRISH BANK IS THE MAIN CREDITOR TO THE COMPANY. ANDREW STONEMAN AND MATT BOND, PARTNERS IN MCR, HAVE BEEN APPOINTED JOINT ADMINISTRATORS AND BUSINESS IS GOING ON AS USUAL AT THE DEALERSHIP'S LUXURIOUS FOUR-STORY A LISTED TOWNHOUSE ON NEW BOND STREET, CALLED THE 'PALACE OF THE ARTS'. IT MAINTAINS PHOTOGRAPHS OF EVERY SINGLE ITEM THAT IT HAS SOLD SINCE THE SECOND WORLD WAR. PRINCESS MICHAEL OF KENT IS THE FIRM'S PRESIDENT BUT IT IS UNKNOWN AS OF YET IF SHE WILL REMAIN ON THE PAYROLL. ALTHOUGH AN MCR PARTNER SAID IT WAS TOO EARLY TO DETERMINE THE MAIN REASONS FOR PARTRIDGE'S TROUBLES, A FIRM SPOKESMAN CITED THE RECESSION AS THE PRIMARY FACTOR. THE ADMINISTRATORS ARE FOCUSING ON SAVING THE BUSINESS, WITH HOPES TO SELL IT AS A THRIVING COMPANY PRESERVING BOTH THE HISTORY OF THE FIRM AND THE JOBS OF THE PEOPLE WHO WORK THERE. THE COMPANY WAS OWNED BY THE PARTRIDGE FAMILY UNTIL 2005 WHEN IT WAS SOLD TO AMOR HOLDINGS FOR AROUND £14 MILLION, ENDING 103 YEARS OF FAMILY OWNERSHIP. IT IS BELIEVED THAT CANDY & CANDY, THE INTERIOR DESIGN AND PROPERTY DEVELOPMENT COMPANY, HAS EXPRESSED AN INTEREST IN BUYING THE BUSINESS IN THE PAST AND MAY STILL BE KEEN ON THE IDEA.