Aquascutum sold to Hong Kong firm

AQUASCUTUM which had its manufacturing base in Corby until last month, has been sold to a Hong Kong company.

However a buyer for the factory has still not been found yet.

Geoff Rowley and Phil Armstrong, partners at Aquascutum’s administrators, FRP Advisory LLP made the announcement on Thursday.

A statement said they were “delighted to announce the successful sale of the majority of the UK business and assets of Aquascutum Limited to a wholly owned subsidiary of YGM Trading Limited”.

YGM are the owner of the Aquascutum brand across Asia, and are listed on the Hong Kong Stock Exchange. The new entity in the UK is Aquascutum (1851) Limited.

The sale of the brand and assets includes the UK stores, concessions and head office operations, and preserves the jobs of more than 100 employees.

The administrators are continuing to deal with interested parties regarding a sale of the factory based in Princewood Road, which they hope to achieve within the next two weeks.

Discussions are also taking place in relation to the concessions operated in Spain and Canada.

Geoff Rowley, joint administrator at FRP Advisory, said: “We are delighted to announce the sale of Aquascutum, safeguarding the jobs of over 100 employees and the presence of the iconic Aquascutum brand in the United Kingdom.

“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.”

The factory closed on April 19 and staff were told there was no money left to pay their wages and there would be no redundancy payments.