Administrators acting for UK luxury brand Aquascutum have revealed plans to close the company's Corby manufacturing site, in a move that will make 115 staff redundant.

"The company's manufacturing plant in Corby is not viable to continue to trade due to loss-making operations and a lack of funding," a spokesperson for administrators FRP Advisory said.

"We have been forced to begin the shutdown process of the plant, with all 115 staff at the site made redundant with immediate effect.

"Whilst a difficult decision, it has been necessary in order to stem on-going losses for the business, and to protect the positions of the 135 remaining employees. We plan to provide appropriate assistance to all affected employees."

The brand's head office and retail operations across the UK, as well as its international high street, concession and outlet stores, are operating as usual.

"We have received a high level of interest from potential purchasers from around the world, with our focus now upon progressing discussions for a sale of the Aquascutum brand and assets," the spokesperson said.

YGM Trading, which holds the rights to the Acquascutum brand in Asia, earlier today (19 April) said it is in talks to acquire the brand in additional territories.

Aquascutum fell into administration on Tuesday (17 April) after owners Harold Tillman and Belinda Earl failed to stem losses at the business.