Just days after filing its long-delayed 2024 accounts in the UK, Pace has filed its 2025 report, showing that its international business posted a $5.6 million loss last year.

The documents were filed with Companies House , the branch of the UK government that maintains annual records for businesses established there. They cover only The Pace Gallery Limited, the London-registered company that operates the gallery’s London space and owns its subsidiaries in Hong Kong, Beijing, Seoul, Geneva, and Berlin. Pace’s US operations are not included.

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The 2025 filing shows that turnover—the UK term for revenue—was $65.9 million. That is well below 2023’s $104.9 million, but only a shade lower than 2024’s $67.7 million. Profitability fell much more sharply. Cost of sales rose 12 percent even as revenue slipped, and gross profit dropped by $7.4 million, to $12.8 million.…