YGM in exclusive talks to buy Aquascutum
YGM Trading has entered into exclusive talks with the administrators of the collapsed Aquascutum luxury clothing brand regarding the potential purchase of the business and its assets.
The Hong Kong listed company, which already owns the licences for the brand across Asia, has been granted an exclusivity period from 1 to 9 May relating to "an offer to acquire the on-going business and assets".
Joint administrators from FRP Advisory said they received significant interest in Aquascutum’s business and assets from over 70 interested parties. Negotiations are continuing to secure a buyer for Aquascutum’s factory in Corby which was closed on 19 April with a loss of more than 100 jobs. No deadline has been set for the completion of this process.
Geoff Rowley, joint administrator at FRP, said: "The joint administrators have been very encouraged by the significant interest shown in the business over the last two weeks and have chosen to proceed with the offer that delivers the best outcome for the creditors of Aquascutum."
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