Desperate hunt to save antiques fair from folding

One of London's oldest and most prestigious antiques fairs is set to close after almost 60 years.

Caroline Penman, who has run the annual Chelsea Antiques Fair since 1984, announced her resignation amid falling profits and competition from huge national events.

She has failed to find anyone to take over the fair, established in 1950 and held in Chelsea Old Town Hall in King's Road.

Unless a new backer comes forward the event will not go ahead this year, spelling the end of London's longest consecutively-run antiques fair.

Mrs Penman, 63, from Haywards Heath in West Sussex, cited ill health and falling profits for her retirement.

She said: "In 1984 life was different. Everyone has to have it big now. We have to compete with enormous fairs at Olympia and the NEC.

"The town hall is a pokey building that can only hold about 40 stalls. It's too small to impress serious buyers. "I'm desperately saddened by this but I don't think anyone will come forward to run it.

"I've made thumping losses for a number of years and I've run hundreds of antiques fairs since I began my career, aged 18.

"Most people are saying if I can't make it work, then it won't ever work."