UK's luxury clothing brand Aquascutum has been acquired by China-based YGM Trading, which already owns the brand's licence for Asia.
Aquascutum administrators FRP Advisory announced that the brand and its assets, including the UK stores, concessions and the head office have been sold to YGM Trading for a price of £15 million, thus saving more than 100 jobs.
They said they are carrying forward talks with concerned parties for sale of the brand's facility in Corby, and concessions in Canada and Spain, and expect to close the deals shortly.
The sale to YGM Trading follows an exclusivity agreement period that started on May 2, FRP Advisory said.
Following its owners Belinda Earl and Harold Tillman's inability to curb business losses, the UK firm was placed under administration in mid-April this year.
Joint administrator Geoff Rowley said they are happy that they were able to save over 100 jobs and the iconic brand's presence in the UK, by securing a buyer for the brand.
He expressed hope that the new ownership would allow Aquascutum to flourish not only in the UK but across the globe, both as a brand and as a business.
Aquascutum has the distinction of supplying coats to several statesmen and actors, including Sir Winston Churchill, Mrs. Margaret Thatcher, Sophia Loren and Michael Caine.
Fibre2fashion News Desk - India
marketing@alchempro.com
