Fri, 11 May 2012 | BUSINESS SALE
British luxury fashion brand Aquascutum has been bought by a subsidiary of Hong Kong-listed YGM Trading.
Aquascutum was placed into administration last month and exclusive talks commenced last week between the administrators and YGM regarding the sale. A price of £15 million was agreed, with the brand and assets included in the sale.
Around 100 jobs will be saved as a result of the sale, although talks are ongoing regarding the future of the firm's factory in Corby and its concessions in Spain and Canada, but it is hoped that an agreement will be reached by the end of the week. The sale of the UK stores, concessions and the head office have already been negotiated in the £15 million sale.
YGM already owns the Aquascutum brand in Asia but purchasing the core business should increase its possibilities for expansion.
Joint administrator Geoff Rowley commented: “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.
“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.”
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