UPDATE: Happy news, folks! After entering administration, it has been announced that Aquascutum has been sold to Asian licensee, YGM, for £15 million. '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,' Geoff Rowley, joint administrator at FRP Advisory, said. '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.' The sale of the brand and assets includes the UK stores, concessions and head office operations.
Aquascutum's Autumn/Winter 2012 show
19/04/2012: It was mere days ago that Grazia Daily brought you the shocking news that Aquascutum is on the brink of collapse – and now administrators for the British heritage brand have revealed that action is already underway.
In a just-released statement, a spokesperson for FRP Advisory said they 'have conducted a detailed review of the company’s financial position' that has resulted in the 'difficult decision' to close Aquascutum's manufacturing plant in Corby with the loss of 115 jobs. Meanwhile, the brand's HQ and high street stores are operating as usual – for now.
Signs that trouble was a-brewing for the 160-year-old brand began when Aquascutum closed its store doors on Regent Street after 110 years at the same site. Then British Fashion Council Chairman Harold Tillman sold a majority stake in sister company Jaeger on Monday, followed by Aquascutum's press day, which Grazia was due to attend this week, being cancelled due to ‘unforeseen circumstances’.
As well as us Graziettes, The Queen, Samantha Cameron and even Harry Styles are fans of the label’s classic trenchcoats, which were first created during World War I, so we're crossing all crossables that Aquascutum's rich history will be saved. The administrators are currently in discussions for a sale and there is 'a high level of interest' from potential buyers from around the world. Let the bidding war commence...