Renowned London exhibition venue Proud Galleries ? famed for its star-studded opening nights – has survived a period during which it went into voluntary liquidation, admits its Gallery director Alex Proud.

?Back in August we financially restructured due to a large and unexpected tax scenario,?

Proud told AP this morning.

?I am happy to say that since this problem we are now trading solvently again and hope to be around for a long time yet,? he added.

Proud confirmed that the business went into voluntary liquidation ?for a period of time?, adding that is now ?coming to an end?.

Proud Galleries? opening nights have attracted stars such as Sir Paul McCartney and high-profile exhibitions including Rankin?s Nudes.

Boasting to be the ?most popular privately funded photography gallery in Europe? Proud Galleries operates two galleries – one in Buckingham Street, near Trafalgar Square, and the other in Camden, north London.