Aquascutum brand set to be sold to Asian firm

THE administrators for collapsed Corby clothing firm Aquascutum are set to sell the brand to a company in Hong Kong.

FRP Advisory has announced today it has entered into an “exclusivity agreement” with Aquascutum International Licensing Ltd, a subsidiary of YGM Trading Ltd.

The company is the owner of the Aquascutum brand across Asia.

Separately the administrators are continuing negotiations to secure a buyer for the manufacturing plant in Princewood Road, Corby. No deadline has currently been set for this process.

Aquascutum went into liquidation last month, with the loss of 115 jobs. The factory closed on April 19 and staff were told there was no money left to pay their wages or any other money owed to them.

FRP Advisory were appointed and received interest from more than 70 parties, including Manchester-based Cooper & Stollbrand, who wanted to keep production in Corby.

Following the agreement with YGM Trading Limited, a deadline to complete of May 9 has been set.

Geoff Rowley, joint administrator at FRP, 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.”