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Aquascutum on brink of collapse

Fashion retailer Aquascutum, owned by Harold Tillman, could be placed into administration today, threatening the end of a British heritage brand.

Sources told Drapers this morning that Aquascutum could be placed into administration by lunchtime. It is not known which administrator has been lined up to handle the process.

The move to put Aquascutum into administration would put around 250 jobs at risk.

Tillman was unable to find a buyer for the business after putting it up for sale two weeks ago, it is understood.

It emerged on Monday that Tillman had sold 90% of his other upmarket fashion business Jaeger to private equity firm Better Capital. Tillman retained a 10% share, down from his previous 70%.

According to the Financial Times, Tillman had invested £20m into the business but could not afford to support the lossmaking retailer any longer.

In its last accounts filed at Companies House, Aquascutum made a £10.3m loss in the 14 months to February 28 2010.

Readers' comments (13)

  • It would be very sad if this happens...

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  • Mr Tillman got lucky as it would seem Jaeger was going the same way, i am sure Better Capital will pick up Aquascutum out of administration as the latter has a much better name and the two merged with some working capital and a good team could do well let's wait and see!

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  • They probably wait until it is in administration and then somebody will buy it for a pound. Too good heritage brand just to go....

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  • All looks very contrived the only people to suffer will be the suppliers!!! As always!!

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  • UPeNDeR

    ....so another textiles/fashion label cons its way into Administration, writes off the debts, will re-emerge and like so many times in the past the hard working grafters on the lowest pay, at the bottom end of the chain, where there are no party nights, no glamour, no expenses paid trips to Europe, the workers will suffer becuase the suppliers will not be paid - again - when will this change? will it ever change. Aquascutum like so many known 'names' need to tidy themselves up, not dump the fruits of their bad business decisions on those who cannot fight back!

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  • The Aquascutum strategy was always ill-conceived. Splitting a premium brand between Western and Asian ownership and markets was always going to fragment its identity and damage its global positioning. btw, since when has selling 90% of a 70% stake left you with 10% - surely it should be 7% - if the narrative is correct?

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  • It isn't only the suppliers or shouldn't be its normaly HMRC and NNDr first in the line to lose out

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  • Sure Mr Tilman will be ok

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  • Selling the Asians interests was a mistake!!! You dont need hindsight for that as the far east is the key for any future luxury brand growth see Burberry Dunhill and Mulberry bad move!!!! Jon Moulton is on CNBC squawk box Europe tomorrow morning anybody fancy asking him some questions about his intentions for Jaegar and a possible purchase of Aquascutum ?????

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  • Why doesnt an owner look at the fact that all luxury goods growth comes from Far east and North America. The Asian rights were sold in 2009 to the YGM Trading. This is complete suicide of a brand instead of wearing silly suits and swaning around with politicians and hedge fund managers run your business well like Angela Ahrendts does at Burberry. The rights/company will be bought by YGM who will make a fortune due to inept management!!! Another UK loss due to a lack of sense!!!!

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