Simon LEE Gallery Ltd (04316341): administration
- Status
- Administration ended
- Administration began
- 2023-07-11
- Administrators
- Danny Dartnaill, William Matthew Humphries Tait, Christine Francis
- Administrators' firm
- BDO
- Formerly
- Polyglot Fine Art Limited; Dwsco 2225 Limited
- Incorporated
- 2001-11-05
- Location
- Liverpool
- Industry
- 90040 Operation of arts facilities
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 5 November 2001 and is a wholly owned subsidiary of Holdings, a nontrading entity registered in England and Wales. The sole director of the Company is Mr Simon Lee who is also the majority shareholder of Holdings.
The Company operated as a modern contemporary art gallery and dealer. It traded from leased premises at 12 Berkeley Street, Mayfair, London. At the date of Administration, it employed 15 members of staff including sales, logistics and administrative roles. Two sister companies had previously operated from locations in New York, however, it is understood that these were closed prior to Administration. The Company also operated a branch location in Hong Kong.
Its customers consisted of high-net worth individuals, other galleries and investors seeking to purchase modern contemporary artworks. The Company conducted sales of artworks that it owned and held on behalf of consignors, with the consignment agreements entitling the Company to a proportion of the sale proceeds achieved. Whilst some artworks were held at the Company's trading premises, the majority of items were stored with external storage providers in various locations across the UK, Hong Kong, USA, Switzerland and Belgium.
Administrators' statement of proposals (2023-09-15) · Companies House register