Aquascutum confirms sale

Aquascutum’s rainy day just got a ray of sunshine. Administrators announced this afternoon that the troubled brand has been sold for £15 million to YGM Trading Limited, its Asian licensee.

‘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 United Kingdom,’ Geoff Rowley, joint administrator at FRP Advisory, said in a statement Thursday afternoon.

‘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.’

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Assets sold include all UK stores, concessions and head office operations, but not Aquascutum’s Corby factory. The closure of the factory last month led to immediate redundancies for all 115 staff. Administrators ‘are continuing to talk to’ parties interested in the manufacturing facility and hope to secure a sale within the next two weeks. Concessions in Spain and Canada are also under discussion, FRP Advisory added.

Aquascutum, founded in 1851, collapsed into administration in mid-April.

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