Aquascutum has been placed into administration after the management team was “unable to successfully turn the business around”.

The Harold Tillman-owned British heritage retailer has appointed FRP Advisory as administrator.

The move comes a day after Tillman, chairman of the British Fashion Council, sold his Jaeger business to Better Capital.

A statement from the Aquascutum board said: “The challenging conditions in the UK has unfortunately meant that the team have been unable to successfully turn the business around, which has ultimately resulted in its administration.

“The Board hopes that under FRP Advisory, the business will be disposed of successfully.”

Over the past three years shareholders have ploughed £30m into the business to try and bring the business back into the black.

Tillman and former Acquascutum boss Belinda Earl bought the business in 2009, when it had losses of £24m. It its last accounts filed at Companies House, Aquascutum made a £10.3m loss in the 14 months to February 28 2010.

The board added: “The senior management team have worked tirelessly to develop and build the Aquascutum brand and offer.”

Aquascutum operates three high street stores at Westfield London, Canary Wharf and Windsor. In the UK it has 16 concessions and seven outlet stores, while internationally it has eleven concessions.

FRP Advisory joint administrator Geoff Rowley said: “We are conscious of the value of the Aquascutum brand and its long-standing heritage and because of this are keen to enter in to early discussions with interested parties open to purchasing the business as soon as possible. 

“We will of course be conducting an urgent assessment of all stores and concessions and look to communicate to staff and suppliers at the very earliest opportunity.”