UK: Aquascutum sold to YGM Trading
UK luxury brand Aquascutum has today (10 May) been sold to the owner of the brand's licence in Asia, YGM Trading.
The sale of the brand and assets includes the UK stores, concessions and head office operations, and preserves the jobs of over 100 employees, said administrators FRP Advisory.
The administrators said they are continuing to deal with interested parties regarding a sale of the factory based in Corby, which they hope to achieve within the next two weeks. Discussions are also taking place in relation to the concessions operated in Spain and Canada.
FRP Advisory said the sale follows an exclusivity agreement period, which commenced on 2 May. Aquascutum went into administration in the middle of April after owners Harold Tillman and Belinda Earl failed to stem losses at the business.
"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," said joint administrator Geoff Rowley.
"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."
Terms of the sale were not disclosed.
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