Men’s accessory firm Penrose London has entered voluntary administration and silk mill Vanners is the front runner to acquire the business, the liquidators have told Drapers.
Panos Eliades Franklin & Co was appointed on October 30, after the luxury brand’s founder Mitchell Jacobs exited the business, having suffered a stroke. Mitchell died on Monday of this week.
Panos Eliades said: “We are having talks with one of the creditors, Vanners, and they will be looking to take over the business and continue the order book and trademarks. It’s a good business and payments will be made to the creditors. There are realisable assets that will be distributed.”
He said that there were a couple of other parties interested in acquiring the brand, but they are “not progressing”.
Eliades revealed the company has trade debts of £120,000 and owes £350,000 to directors. “The creditors are going to be paid a dividend in due course. All we can say is that it’s a shame they’ve ceased trading. The company was supported by the directors and there is enough money to pay the trade creditors if the directors stand behind them.”
Penrose is continuing to fulfil orders through the process, with orders going out to Japan. The company’s turnover is believed to be about £800,000.
The sale is expected to go through in the next week.
Before he founded Penrose in 2008, menswear veteran Jacobs created the accessory brand Duchamp.