Future of Russian-owned Phillips auction house may be in ‘significant doubt’

Exclusive: Auditors have warned debt-burdened firm relies heavily on guarantees provided by owners

A Russian-owned British auction house that has been the target of calls for a boycott has lost tens of millions of pounds in recent years and has been left in a parlous financial position, new records show.

Phillips is heavily reliant on guarantees provided by the two founders of a Russian luxury retail group and has seen its debts mount up.