A 200 year old Mayfair retailer of luxury fine china and silverware backed by Sir Elton John has collapsed into administration owing more than £5 million.
Burlington Arcade based Thomas Goode is best known for supplying a dinner service for the wedding of the then Prince of Wales and Princess Diana in 1981.
Joint administrators David Elliott and Mark Reynolds of Valentine & Co are now looking for a buyer for the business which has been struggling for several years
The company, which has ceased trading, stocks some of the most exclusive tableware brands in the world including Meissen, Lalique, Herend and Sèvres and is believed to supply Royal dynasties in Europe, India and the Middle East as well as the British royal family. It held royal warrants for the late Queen Elizabeth II and the former Prince of Wales.
Having operated from a shop in South Audley Street since 1867, the retailer moved into a new showroom in Burlington Arcade in 2021. Sir Elton John, who is a minority shareholders with a stake of around 5%,was also a global ambassador for the company.
He said when he became a shareholder in 2019: “There is no shop like this in the world, it’s an institution that I would cry if it ever shut down. I just love it.”
Advisers to the administrators said the company had been impacted by “the demise of British china, glassware and crystal suppliers and was slow to embrace the advantages of technology.” It was also hit by an ill-fated attempt to expand in India.
The delicate nature of its bespoke products meant that it was not able to cash in on the online shipping boom during the pandemic.
In May it faced a winding up petition from HMRC over an unpaid tax bill of just over £1 million.
Property developer Johnny Sandelson who led the company, and pumped his own money in to the business in a bid to keep it afloat is said to be owed as much as £3 million , according to a statement of affairs from the administrators filed at Companies House.
Chris Buller, director in the asset advisory business at Lambert Smith Hampton, which has been appointed by the administrators to find a buyer, said: “This is a genuinely prestigious brand with a fascinating backstory and impressive heritage.
“There is a huge opportunity here for the right buyer and an enormous amount of remaining goodwill with some of the world’s wealthiest and most discerning consumers. We remain confident that there are buyers out there who can make the necessary investment to revive this much-loved British brand.”
The sale of the business includes the trading brand, in addition to an extensive stock list which is currently being valued.
In addition, there is also a substantial historical Thomas Goode archive which is regarded as being of national historical significance, documenting taste, craftsmanship and design during the pinnacle of the British Potteries and glass manufacturing.
It includes the unpublished diaries of William Goode and their records of travelling to China and the far East, across Europe and Russia with their design drawings, customer ledgers from 1827, letter books, diaries and correspondence dating back to Queen Victoria’s household,.
