Aquascutum has been sold to YGM Trading Limited.
In a deal which was struck earlier this month and has now been finalised, the Hong Kong-based corporation - which already controls the brand's licenses in Asia - has bought the brand and assets including UK stores, concessions and the head office, preserving 100 jobs.
Joint administrator Geoff Rowley said:''We are delighted to announce the sale of Aquascutum, safeguarding the jobs of over 100 employees and the presence of the iconic Aquascutum brand in the United Kingdom.
''We hope that under new ownership the Aquascutum brand and business will have the best opportunity of success and growth both in the UK and worldwide.''
Talks are continuing to secure a buyer for Aquascutum's manufacturing plant in Northamptonshire with administrators revealing they hope to arrange a deal within the next two weeks.
The British label went into administration last month, and admitted the closure of the factory in the UK had to be done to halt continuing losses.
A spokesperson said: ''Whilst a difficult decision, it has been necessary in order to stem on-going losses for the business, and to protect the positions of the 135 remaining employees. We plan to provide appropriate assistance to all affected employees, including liaising with Jobcentre plus and helping with claims to the Redundancy Payments Service.
''All head office and retail operations across the UK and international high street, concession and outlet stores are operating as usual at present.''
|
| Share on Facebook |
