Harold Tillman's Broadwick group buys Aquascutum

As we reported yesterday the Jaeger boss and Chairman of the BFC was considering a bid for the troubled label owned by Japanese group Renown - who put the label up for sale in June.

The deal includes a clause that prevents disclosure of how much Broadwick Group Ltd have paid for the company, but in a related deal the rights to the label in Asia have been sold to Hong Kong based YGM Trading LTD for £13.7 million.

Renown sold the company after three straight years of losses but it is believed that Tillman, who has transformed Jaeger and is a driving force behind London Fashion Week will now help revive the fortunes of the 158-year old British label.