The luxury fashion house has been placed into administration leaving 250 jobs at risk
Aquascutum has been placed into administration, meaning that 250 jobs are at risk.
The future of the 160-year-old company now looks worrying and the brand has blamed challenging UK conditions for its continued economical losses.
The news comes just one day after its owner, Harold Tillman, sold a majority stake in Aquascutum’s sister company Jaeger. It’s thought the move was to avoid Jaeger being dragged down with Aquascutum.
Mr Tillman, the British Fashion Council chairman, and Belinda Earl took over the company in 2009 but, due its high level of debt, it looks now to be on the brink of collapse.
Founded in 1851, the luxury label has dressed everyone from Cary Grant to the Queen Mother and is famous for its iconic trench coat.
Administrators will now try and find a buyer for the brand.
Joint administrator Geoff Rowley said: ‘We are conscious of the value of the Aquascutum brand and its long-standing heritage and because of this are keen to enter in to early discussions with interested parties open to purchasing the business as soon as possible.’
Such sad news.