Tue, 17 Apr 2012 | ADMINISTRATION
The classic British designer clothing brand Aquascutum has been declared insolvent and could be placed into administration today (17 April) or later this week.
Fashion entrepreneur Harold Tillman has been fighting to save the brand, which he acquired in 2009, but it appears that his investments and efforts have not been enough and he can no longer support the loss-making firm.
Earlier this month the struggling retailer sought a new owner, with Hong Kong firm YGM Trading, which owns the rights to Aquascutum in Asia, thought to be among the interested parties. But no sale was agreed and Mr Tillman yesterday sold his stake in sister brand Jaeger to private equity firm Better Capital in a bid to protect it.
The brand made a loss of £10 million on sales of £28 million in the year to February 2010 and business has remained difficult since, prompting an almost inevitable administration.
Aquascutum was founded in 1851 by the tailor John Emary. It initially focused on providing a waterproof material for coats for British Army officers serving in the Crimean War, which was later used during World War I. But over the years the company has developed a chic reputation and has dressed Cary Grant, the Queen Mother and Winston Churchill, among others.
Around 250 people could lose their jobs during the administration, however, the company's close ties with Jaeger means that there could be some room for transfers.
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