FRP makes 115 redundancies at Aquascutum
Administrators to collapsed luxury fashion brand worn by Kate Middleton make all staff at the Corby manufacturing plant redundant
FRP ADVISORY administrators have made 115 staff redundant at collapsed global fashion retailer Aquascutum.
Geoff Rowley and Phil Armstrong, partners at FRP Advisory, were appointed joint-administrators to the luxury fashion brand which is worn by politicians, celebrities and royalty including Kate Middleton.
A spokeswoman for the administrators said: “Regrettably, it has been concluded that the company’s manufacturing plant in Corby is not viable to continue to trade due to loss-making operations and a lack of funding.
“We have been forced to begin the shutdown process of the plant, with all 115 staff at the site made redundant with immediate effect.
There are currently 135 employees remaining at the company with the head office, concessions and outlet stores unaffected.
Founded in 1851, Aquascutum was famed for producing the first waterproof wool and its iconic trench coat. Harold Tillman and Belinda Earl acquired the business in 2009 following losses of £24m from the previous year. Over the next three years investors pumped in £30m and directors took the decision they could no longer afford to prop up the company.