Aquascutum has been bought out of administration by YGM Trading for £15m, ensuring the future of the UK business.
YGM which owns the luxury brand in Asia, acquired the retailer after exclusivity talks secured a deal
YGM has bought the majority of the business, including three UK stores at Westfield London, Canary Wharf and Windsor, 16 concessions and its head office operations, preserving 100 jobs.
The new UK entity is now called Aquascutum (1851) Limited.
Aquascutum attracted initial interest from 70 companies worldwide when it collapsed into administration on April 17 but the administrator entered into exclusive talks with YGM on May 2.
FRP Advisory joint administrator Geoff Rowley said: “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.”
FRP Advisory is continuing to seek a buyer for the retailer’s Corby manufacturing plant, which closed last month as the business hit the wall. It is hoped a deal will be closed within two weeks. Discussions are also taking place regarding the concessions operated in Spain and Canada.
Former owner Harold Tillman placed Aquascutum into adminsitration after he failed to find a buyer for the business. He had ploughed £30m into the company since he bought it in 2009 but Aquascutum continued to be loss-making.