Fri, 23 Dec 2016 | BUSINESS SALE
Aquascutum, the luxury raincoat maker whose items have been worn by a host of famous faces including the Queen Mother, Margaret Thatcher and Humphrey Bogart - as well as First World War officers - is to be acquired by two buyers for $120 million (£97 million), according to reports.
The clothing company, which started life as a tailors in Mayfair back in 1851, is to be sold by its owner, Hong-Kong-based YGM Trading, which bought it for £15 million in 2012.
In its annual report YGM said “two independent third parties” had paid an initial $5 million for exclusivity rights to Aquascutum in a deal expected to complete by the end of March next year. Shandong Ruyi Group, a Chinese textile firm, is being touted as one of the buyers.
Aquascutum has a rich history but has struggled of late. The firm was saved from administration in 2012 and has seen poor sales in the UK - in the six months to September 30 they fell 16 per cent. While it has concentrated on the Chinese market, it has shut 14 stores there as well as one in Taiwan, although it opened one in Europe.
The business was founded by John Emary, a tailor, who invented and patented the first waterproof wool, which gave Aquascutum its name - it translates from Latin as ‘water shield’. The firm developed its iconic trench coat in 1914, which was designed to be used by the British military. In the 1980s the brand dressed a number of political figures and, in 1996, supplied uniforms to the British Olympic team.
Should Chinese interest in Aquascutum be confirmed, it will be the latest display of interest in British brands. The acquisition would be the latest in a number of China-UK deals, including the £1.4 billion purchase of UK travel website Skyscanner by Ctrip.com and the reported £2 million acquisition of a pub in Buckinghamshire which was visited by then Prime Minister David Cameron and China’s President Xi Jinping in 2015.
Find retail businesses for sale and, for in-depth analysis of China's growing investment in the UK, read our latest Subscriber-only report, Chinese firms winning out by buying UK businesses.
The business for sale is a highly contemporary bar and bistro serving an array of high quality, locally sourced and freshly prepared food and drinks with a great environment. Great reputation in the area for food and live music. Has built up a reliab...
LEASEHOLD
Leading cleaning company in area. High-quality contracts and clientele. All equipment included in the sale. Well-established. Company has an excellent retention rate with a valuable team of staff. Huge scope for growth. The business is now for sale o...
LEASEHOLD
This is an excellent opportunity for an interested and committed buyer to take on a highly reputable e-commerce business which specialises in strapping and other fastening equipment. Excellent online reputation. Wide range of stock. Loyal commercial...
RELOCATABLE
|
29
|
|
May
|
Monsoon Accessorize close to administration | ADMINISTRATION
Fashion retailer Monsoon Accessorize is close to entering ad...
|
28
|
|
May
|
M&G completes purchase of Ascentric platform from Royal London | BUSINESS SALE
Asset manager M&G has completed the purchase of wealth manag...
|
27
|
|
May
|
Food-to-go supplier calls in administrators | ADMINISTRATION
Adelie Foods, one of Britain’s biggest suppliers of sa...
Sign up to receive our acquisition alert emails to get your FREE guide
|
11
|
|
May
|
YGM Trading buys Aquascutum | BUSINESS SALE
British luxury fashion brand Aquascutum has been bought by a...
|
18
|
|
Apr
|
Administration confirmed for Aquascutum | ADMINISTRATION
Aquascutum has been put into administration following yester...
|
17
|
|
Apr
|
Insolvency hits Aquascutum | ADMINISTRATION
The classic British designer clothing brand Aquascutum has b...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources