The administrators of UK luxury fashion brand Aquascutum today (2 May) confirmed they have entered exclusive talks to sell the brand to a subsidiary of Hong Kong-based YGM trading.

YGM Trading holds the licence for the brand in Asia. The exclusivity agreement relates to an offer to acquire the on-going business and assets with completion set to take place by 9 May.

Administrators FRP Advisory, said in support of the exclusivity period, a financial commitment has been obtained, and both parties are now focused on dealing with the necessary legal documentation to effect the sale.

Aquascutum went into administration in the middle of April after owners Harold Tillman and Belinda Earl failed to stem losses at the business.

FRP Advisory said they have received significant interest in the business and its assets, totalling in excess of 70 interested parties.

Separately, the administrators are continuing negotiations to find a buyer for the manufacturing plant at Corby, Northamptonshire, which was closed earlier this month. No deadline has currently been set for this process.

The joint administrators say they 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," said FRP joint administrator Geoff Rowley.