Aquascutum enters administration
Aquascutum, the 160 year old luxury clothing retailer, has collapsed into administration putting 250 jobs at risk.
The business was acquired by Jaeger owner Harold Tillman and its chief executive Belinda Earl in 2009 but continued to incur significant losses despite efforts to turn the business around. The directors therefore concluded that the company should be placed into administration, joint administrators at FRP Advisory LLP said yesterday.
Joint administrator Geoff Rowley commented: “We are conscious of the value of the Aquascutum brand and its long-standing heritage and because of this are keen to enter in to early discussions with interested parties open to purchasing the business as soon as possible.
“We will of course be conducting an urgent assessment of all stores and concessions and look to communicate to staff and suppliers at the very earliest opportunity.”
Last night, YGM Trading Ltd, which holds licences for the Aquascutum brand in Asia, said it was in initial discussions over acquiring the rights for the label outside its Asian territories. Chairman Peter Chan said in a statement: “The Board considers that the possible insolvency of Aquascutum Limited may present an opportunity for the company to further expand its ownership on the Aquascutum brand worldwide.”
Aquascutum operates three high street stores at Westfield London, Canary Wharf and in Windsor and 16 concessions in Austin Reed, Selfridges, Harrods, House of Fraser, John Lewis and at Hoopers in Tunbridge Wells. The company also has a manufacturing base at a factory in Corby, Northamptonshire.
The administration comes hot on the heels of Tillman’s sale of a majority stake in the struggling Jaeger brand earlier this week to turnaround specialists Better Capital for just under £20 million.
