FRP administrators arrange sale in principle of Aquascutum
Administrators of international fashion house Aquascutum arrange deal with Hong Kong listed business to buy the brand and assets but not the factory
FRP ADVISORY administrators have arranged a sale in principle for the international brand and assets of collapsed international fashion house Aquascutum.
Geoff Rowley (pictured) 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.
The principle deal is with the Hong Kong-based owner of Aquascutum’s brand in Asia YGM Trading Limited. It is buying the global brand and assets but not the factory.
Rowley 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.”
The deal is likely to be completed on 9 May with the joint administrators continuing to search for a buyer of the manufacturing plant.
In April this year the administrators announced it would make all 115 staff at the Northamptonshire-based factory redundant but would leave the remaining 135-strong workforce alone. So far there has been no information available on the future of the remaining staff.