Aquascutum factory to close

Following the decision earlier this week to enter administration, British Heritage brand Aquascutum, which is owned by British Fashion Council chairman Harold Tillman, has announced that it has closed down its UK manufacturing plant in Corby,

with the loss of 115 jobs.

The 100-year-old factory was closed with immediate effect due to “loss-making operations and a lack of funding” administrators FRP Advisory have confirmed after conducting a detailed review of the company’s financial position.

The administrators added that the move was “necessary in order to stem on-going losses for the business, and to protect the positions of the 135 remaining employees”, concluding that Aquascutum’s head office and retail stores both in the UK and overseas would be continuing to operate as normal while a buyer is sought.

Even though the administrators wouldn’t comment on interested bidders, which is thought to include Hong Kong-based YGM Trading, which owns the brand in Asia, as well as Ittierre, the licensee for the brand in Europe, and Hong Kong sourcing company Li & Fung, which recently partnered with designer label Vena Cava, but did state they had received a “high level of interest”.

“We have received a high level of interest from potential purchasers from around the world, with our focus now upon progressing discussions for a sale of the Aquascutum brand and assets,” the administrators said.

First round bids are expected next week.

Image: Aquascutum autumn/winter 2012