Possibly the best news to date for British heritage brand Aquascutum is that they have been saved from administration today by an exclusive agreement with YGM Trading Limited.
After weeks of stress and worry for all those employees and managers which were involved – and currently in limbo – the news has now finally spread that the Hong Kong based company which already controls Aquascutum’s licences in Asia is set to “acquire the on-going business and assets with completion to take place by May 9, 2012; ” involving an £8 million pound loan.
Speaking earlier today Geoff Rowley, joint administrator at FRP stated that: “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.”
It has also been noted that administrators are continuing negotiations to secure a buyer for the company’s manufacturing plant in Corby, Northamptonshire, which was closed on April 19. However there is no deadline linked to this.