Aquascutum sold out of administration
Aquascutum, the 160 year-old British clothing brand, has been sold to YGM Trading for Â£15 million. The sale will save 100 jobs.
The company, whose clothes have been worn by Winston Churchill, Lady Thatcher and Cary Grant, fell into administration last month after efforts by owner, fashion entrepreneur Harold Tillman, failed to turn the business around.
Hong Kong listed YGM, which is already owner of the Aquascutum brand across Asia, has bought the company’s brand, head office and stores.
Administrators FRP Advisory are still seeking buyer for the Aquascutum factory in Corby but are hoping to complete a sale in the next two weeks.
Joint administrator Geoff Rowley said: "We are delighted to announce the sale of Aquascutum, safeguarding the jobs of over 100 employees and the presence of the iconic Aquascutum brand in the UK.
"We hope that under new ownership the Aquascutum brand and business will have the best opportunity of success and growth both in the UK and worldwide."
The administrators said some 70 parties from around the world had expressed interest in the firm after it fell into administration. Discussions are now taking place in relation to the concessions operated in Spain and Canada.
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