Jobs saved as Aquascutum sold off

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AquascutumThe Aquascutum brand has been kept alive in the UK after administrators sold the historic business and saved 100 jobs.

The 160-year-old firm fell into administration last month despite efforts by fashion entrepreneur Harold Tillman to turn it around.

The brand, its head office and stores, have been bought by a subsidiary of YGM Trading, the Hong Kong-listed owner of the brand across Asia, which entered exclusive talks over a potential deal last week.

Administrators FRP Advisory are still seeking a buyer for its Corby factory - where the company has had a presence for more than 100 years - but hope to wrap up a sale in the next two weeks.

Joint administrator Geoff Rowley 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 UK.

"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."

Aquascutum has three high street stores - at Westfield White City, Canary Wharf and Windsor - and a further 16 concessions, including at Harrods.

It was founded in 1851 by tailor John Emary. It was named after the Latin for water shield after it developed the first waterproof wool.

In its early days it was best known for a style of trenchcoat worn during the First World War. Clothes from the brand have been worn by Lady Thatcher, Humphrey Bogart and Cary Grant.

Some 70 parties from around the world expressed interest after it fell into administration. Discussions are still taking place to sell concessions in Spain and Canada.

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