Administrators close Aquascutum factory
Administrators for the collapsed Aquascutum luxury clothing brand have closed its 100 year old factory in Corby with the loss of 115 jobs.
Administrators for the collapsed Aquascutum luxury clothing brand have closed its 100 year old factory in Corby with the loss of 115 jobs.
The administrators said the move had been necessary in order to stem on-going losses at the business, and to protect the positions of the 135 remaining employees.
A spokesperson for insolvency practitioners FRP Advisory, said: “Since being appointed as administrators to Aquascutum on Tuesday, we have conducted a detailed review of the company’s financial position. Regrettably, it has been concluded that the company’s manufacturing plant in Corby is not viable to continue to trade due to loss-making operations and a lack of funding. We have been forced to begin the shutdown process of the plant, with all 115 staff at the site made redundant with immediate effect.”
Aquascutum’s head office and retail stores in the UK and overseas are continuing to operate as normal while a buyer is sought for the business.
Never Miss a Retail Update!“We have received a high level of interest from potential purchasers from around the world, with our focus now upon progressing discussions for a sale of the Aquascutum brand and assets,” the administrators said.
Yesterday it emerged that YGM Trading, which holds licences for the Aquascutum brand in Asia, was in initial discussions over acquiring rights for the brand outside its Asian territories.
