Updated Monday May 2, 2.03pm: Aquascutum's administrators announced today that they have entered in to an exclusivity agreement with Hong Kong-based YGM Trading Limited to save the company. YGM - which controls Aquascutum's licences in Asia already - will "acquire the on-going business and assets with completion to take place by May 9, 2012," the administration company said today. "The joint administrators 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," Geoff Rowley, joint administrator at FRP, said today. The administrators are also continuing negotiations to secure a buyer for the company's manufacturing plant in Corby, Northamptonshire, which was closed on April 19. No deadline has currently been set for this process. Updated Monday April 23, 11.52am: A host of bidders have entered the race to acquire Aquascutum, including Edinburgh Woollen Mill, Hong Kong-based company Li & Fung, menswear business Cooper and Stollbrand, and YGM Trading - the company that owns the brand in Asia - Retail Week reports today. "We understand Aquascutum's product, its customers and most importantly, what it takes to maintain, to manage and develop a profitable successful UK factory," Cooper & Stollbrand boss James Eden told The Times.
Updated Thursday April 19, 11.46am: Following its decision earlier this week to enter administration, Aquascutum has decided to close its UK manufacturing plant in Corby - due to "loss-making operations and a lack of funding" - with a loss of 115 jobs. "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," a spokesperson for the adminstrators said this morning. "We plan to provide appropriate assistance to all affected employees, including liaising with Jobcentre plus and helping with claims to the Redundancy Payments Service. All head office and retail operations across the UK and international high street, concession and outlet stores are operating as usual at present." The company is in the process of looking for a buyer, and is hopeful that a suitable investor will be found soon. "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 added.
LAUREN MILLIGAN 02 May 2012
http://www.vogue.co.uk/news/2011/08/01/aquascutum-takes-out-8-million-loan
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