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Aquascutum goes into administration

Aquascutum has gone into administration, appointing FRP Advisory.

A statement by Aquascutum read:

“Harold Tillman and Belinda Earl acquired the business in 2009, when it had made losses of approximately £24m the previous year. During  the next three years, Aquascutum’s shareholders invested heavily – circa £30m – in its turnaround. Likewise, the senior management team have worked tirelessly to develop and build the Aquascutum brand and offer.

“The challenging conditions in the UK, however, has unfortunately meant that the team have been unable to successfully turn the business around which has ultimately resulted in its administration. The board hopes that under FRP Advisory, the business will be disposed of successfully.”

Drapers reported this morning that the business was close to collapse.

More to follow soon.

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