The British heritage brand confirmed that it has appointed insolvency specialists FRP Advisory LLP to act as administrators.
The challenging conditions in the UK... has unfortunately meant that the team have been unable to successfully turn the business around which has ultimately resulted in its administration, the Aquascutum board said in a statement. The Board hopes that under FRP Advisory, the business will be disposed of successfully.
Owners Harold Tillman and Belinda Earl acquired Aquascutum in 2009 with plans to revive the 160-year-old brand. The duo viewed the brand as an exclusive stablemate to Jaeger and intended to implement synergies that would grow both businesses.
Earl stepped down from her role as chief executive for Jaeger and Aquascutum for health reasons in mid-March. Rumours of Aquascutums impending collapse followed, with national newspapers reporting the brand was for sale.
On Monday, venture capital firm Better Capital announced that it had acquired a 90% stake in Jaeger. This morning, Aquascutum cancelled its press day for due to unforeseen circumstances, in what many viewed as a clear indication of instability.
Tillman has invested more than £20m in Aquascutum, the Financial Times reported, and sold the majority of Jaeger in a bid to protect the brand from contamination from Aquascutums collapse.
Aquascutum employs more than 250 staff, including at its factory in Corby, Northamptonshire.
