Aquascutum administrator FRP Advisory has entered into exclusivity with YGM Trading, which owns the brand in Asia.
The exclusivity agreement relates to YGM’s bid to acquire the ongoing business and assets. Deal completion has been tabled for May 9.
FRP joint administrator Geoff Rowley said: “The joint administrators have been very encouraged by the significant interest shown in the business over the last two weeks and have chosen to proceed with the offer that delivers the best outcome for the creditors of Aquascutum.”
Retail-week.com revealed yesterday that the British heritage retailer had attracted interest from 10 parties in the first round, which passed on April 27.
FRP is also continuing talks with a buyer for the Corby manufacturing plant, which closed on April 19. No deadline has been set for this process.
Aquascutum International and YGM Marketing executive director and general manager Andrew Chan said that YGM would “look to retain the business in the UK”.
He added: “We will look and review fairly and objectively all the staff, all the leases and every part of the business that is currently ongoing. We think that Aquascutum is a British brand with heritage and will definitely continue that. It’s a key selling point for Aquascutum to retain heritage.”
Aquascutum collapsed into administration on April 17 after former owner Harold Tillman failed to find a buyer. FRP said it had received initial interest from 70 companies worldwide.
Tillman had ploughed £30m into the company since he bought it in 2009 but Aquascutum continued to be loss-making.
Menswear business Cooper & Stollbrand emerged as a bidder for Aquascutum and its Corby plant days after it collapsed. Owner James Eden said he was “extremely disappointed” and “devastated” with YGM’s exclusivity.
He will still bid for the Corby plant, though this will depend on discussions with YGM.