Following reports this morning, Aquascutum has confirmed that it has entered administration today and has appointed joint administrators Geoff Rowley and Phil Armstrong - partners at FRP Advisory LLP, the specialist restructuring, recovery and insolvency firm - to oversee the process.
"We are conscious of the value of the Aquascutum brand and its long-standing heritage and because of this are keen to enter in to early discussions with interested parties open to purchasing the business as soon as possible," joint administrator Geoff Rowley said this afternoon. "We will of course be conducting an urgent assessment of all stores and concessions and look to communicate to staff and suppliers at the very earliest opportunity."
The directors made the decsion to begin administration proceedings following "significant losses" over the past year. Between its British stores and its UK-based manufacturing sites, Aquascutum employs 250 people in the UK.
Updated Tuesday April 17, 9.32am: Iconic British label Aquascutum could be placed into administration as early as today, the Financial Times reports.
The brand, which rumours suggested was set to be sold earlier this month, is currently owned by British Fashion Council chairman Harold Tillman - who bought the buisness in 2009 from Japanese company Renown. Tillman sold most of his share in another British label, Jaeger, yesterday.
The administration rumours have not yet been confirmed by the label.
Updated Monday April 2, 9.14am: British luxury label Aquascutum is for sale, it has been rumoured this weekend. The brand, which secured financial backing in 2011 to repay its debts, is creating interest in Asia, The Times reports - with its own Asian licensee YGM, and the Carlyle Group's Asian operation, having expressed interest.
SEE THE AQUASCUTUM CATWALK ARCHIVE
The brand's owner Harold Tillman, who also owns British label Jaeger, has not yet released an official statement on the reported sale. Aquascutum's chief executive, Belinda Earl, stepped down from her role at the label - and from the same role at Jaeger - last month due to ill health. She was replaced in her dual role by Carolyn Springett, who was formerly the group's brand director.
Updated Monday August 1, 2011, 10.12am: Aquascutum has secured financial backing to help pay back debts to its Hong Kong licensee YGM. The label has taken out an £8 million loan, a deal which is now in its final stages.
"The business plan for Aquascutum is underway," its owner, Harold Tillman, told the Guardian. "We have completed the first part with a new distribution agreement in Italy, the second part is being finalised now. Wholesale orders are up and we are pleased with the progress being made with this great British heritage luxury brand."
The iconic British label was founded in 1851, and has been worn by some of Hollywood's greatest stars - including Cary Grant and Humphrey Bogart. Tillman acquired the label in 2009, before appointing Joanna Sykes as its creative director in May last year.
LAUREN MILLIGAN 17 April 2012
http://www.vogue.co.uk/news/2011/08/01/aquascutum-takes-out-8-million-loan
