Aquascutum confirms exclusivity talks with YGM

British fashion brand Aquascutum, which went into administration last month, looks set to be rescued by YGM Trading Limited, the owner of the brand across Asia. FRP Advisory, the administrators for Aquascutum has confirmed that both parties

have entered into an exclusivity agreement.

Following the retailer entering administration on April 17, FRP stated that they received significant interest in the business and assets of Aquascutum from around the world, totalling in excess of 70 interested parties. The statement confirmed that the decision to enter the exclusivity agreement with YGM relates to “an offer to acquire the on-going business and assets” with completion to take place by May 9.

Separately the Joint Administrators are continuing negotiations to secure a buyer for the manufacturing plant at Corby, Northamptonshire which was closed on April 19 with a loss of more than 100 jobs. No deadline has currently been set for this process.

Geoff Rowley, Joint Administrator at FRP, said: "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."

Aquascutum was founded in 1851 with a menswear store in Regent's Street, and was family owned until 1990, when a Japanese textile conglomerate company, Renown Incorporated bought it. Then in September 2009 after three years of losses, the Renown off-loaded it to the management team behind Jaeger, Harold Tillman and Belinda Earl.

Image: Aquascutum SS12