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Aquascutum enters administration
17 April 2012
Aquascutum, the UK-based luxury clothing manufacturer and retailer, entered in to administration today (Tuesday April 17 2012), with the appointment of Joint Administrators, Geoff Rowley and Phil Armstrong, partners at FRP Advisory LLP, the specialist restructuring, recovery and insolvency firm.
Founded in 1851, the company was famed for producing the first waterproof wool and its iconic trench coat. It went on to become known for dressing royalty, political leaders and numerous faces of stage and screen. Most recently the business was acquired by Harold Tillman and Belinda Earl in 2009 and whilst significant efforts were made to turnaround the business, significant losses continued to be incurred. The directors therefore concluded that the company should be placed into administration.
Aquascutum operates three high street stores at Westfield (White City), Canary Wharf and in Windsor; it has a further 16 concessions in Austin Reed, Selfridges, Harrods, House of Fraser, John Lewis and at Hoopers in Tunbridge Wells, as well as seven outlet stores, and eleven international concessions. It runs its manufacturing base from a factory in Corby, Northamptonshire. This totals 250 employees in the UK.
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."
Parties with an interest in Aquascutum, should contact Phil Armstrong on +44 20 3005 4269 or by email using the online form below.