Aquascutum in administration

British heritage brand Aquascutum has confirmed it is in administration following

a decline in sales over the past year. This follows reports the business was for sale earlier this month.

The company appointed joint administrators FRP Advisory LLP. Should it not find a buyer, Aquascutum's 250 employees may face redundancies and job losses. The business is currently operated by Harold Tillman, the former Jaeger-owner who sold his majority stake this week.

"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,"  joint administrator Geoff Rowley was quoted in Vogue online. "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."