Wed, 18 Apr 2012 | ADMINISTRATION
Aquascutum has been put into administration following yesterday's (16 April) news of the company's insolvency.
We reported yesterday that the firm had been declared insolvent but by the afternoon it was confirmed that FRP Advisory had been appointed as administrators to the fashion house.
The collapse of the classic British clothing firm, well-known for its trench coats in particular, will put around 250 jobs at risk after its entrepreneurial owner Harold Tillman failed to find a buyer for the loss-making company.
Geoff Rowley, joint administrator at FRP Advisory, stated that the firm is keen to start “early discussions with interested parties open to purchasing the business as soon as possible” in a bid to protect the value of the Aquascutum brand and its established heritage.
He added: "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."
On Monday, before the insolvency was announced, Mr Tillman sold a 90 per cent stake in Aquascutum's sister brand Jaeger, as well as securing all of its secured debt, to Jon Moulton's Better Capital in order to protect the firm from any fallout from the Aquascutum administration.
Mr Tillman had bought the company with Belinda Earl from Japanese trading house Renown back in 2009 after it made a loss of £24 million in the previous year. According to FRP, however, the firm continued to make significant losses since the purchase and Mr Tillman was simply unable to continue to support the business.
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