Silk mill Vanners has acquired the men’s accessories brand Penrose London, which entered voluntary administration on October 30.
Panos Eliades Franklin & Co was appointed as administrator on October 30, after the luxury brand’s founder Mitchell Jacobs exited the business, having suffered a stroke. Mitchell died on Monday last week (November 3).
“At the time of this announcement we also have to sadly reflect on the passing of Mitchell Jacobs earlier this week, the teams at Vanners and Panos Eliades Franklin & Co wish to pass on their condolences to his family,” said Vanners managing director Richard Stevenson.
“It is Vanners’ intention that the brand continues to follow its original core values and will ensure that our customers continue to enjoy excellent product design, quality and service.”
Panos Eliades Franklin & Co said it was pleased to agree the sale of the brand and preserve the future orders.
“The timing of the agreement enables continuity of supply for the forthcoming season and the assurance of the brand’s long term future,” said the company.
Before he founded Penrose in 2008, menswear veteran Jacobs created the accessories brand Duchamp.