Fashion retailer Aquascutum, owned by Harold Tillman, could be placed into administration as early as this morning, threatening the end of a British heritage brand.

Sources told Retail Week this morning that Aquascutum could be placed into administration by lunchtime. It is not known which administrator has been lined up to handle the process.

The move to put Aquascutum into administration would put around 250 jobs at risk.

Tillman was unable to find a buyer for the business after putting it up for sale two weeks ago, it is understood.

It emerged on Monday that Tillman had sold 90% of his other upmarket fashion business Jaeger to private equity firm Better Capital. Tillman retained a 10% share, down from his previous 70%.

According to the Financial Times, Tilman had invested £20m into the business but could not afford to support the lossmaking retailer any longer.

In its last accounts filed at Companies House, Aquascutum made a £10.3m loss in the 14 months to February 28 2010.