Full extent of Stephen Friedman Gallery's £7.8m debt revealed in filings

Administrators’ filings revealed that the bankrupt Stephen Friedman Gallery owes £7.8 million to creditors, with artists Alexandre Diop (£341,905), Deborah Roberts (£289,232), and Kehinde Wiley (£163,849) among those most affected as unsecured creditors expected to receive only eight to nine pence per pound owed. The London- and New York-based gallery entered administration after closing in February, and a proposal by FRP Advisory was submitted on 30 March and approved on 22 April. Coutts & Company is owed £3.1 million and, as a secured creditor, is expected to recover about 65%, while Pentland Group is owed £1.4 million; filings also state that Pentland director Alison Mosheim owns 50% of the gallery. Other debts include £505,113 to the Pollen Estate (rent), £550,000 to HMRC, and major logistics/storage bills such as Crozier (£256,470), while staff claims totaling about £39,000 are expected to be paid in full; FRP cited global economic fluctuations and rising Middle East geopolitical tensions as factors in declining revenue and market confidence.

Read the full article at The Art Newspaper - International art news and events