Men’s luxury accessory business Penrose London is likely to go into voluntary liquidation on Thursday, Drapers understands.
Founder Mitchell Jacobs has been out of the business for some time due to ill-health and he told Drapers this week that he “has hung up my designer’s spurs”.
Before he founded Penrose in 2008, Jacobs, a menswear veteran, had created the accessory brand Duchamp.
He parted company with Penrose sales director Michael Whitby-Grubb abruptly six months ago.
Drapers understands that a number of interested parties are looking to acquire the business, which sells to fine menswear shops around the world. Turnover is believed to be about £800,000.