Insolvent UK clothing retailer, Aquascutum may change hands next week
03 May 2012
Collapsed UK clothing retailer Aquascutum may have its future decided in the next week with administrators in exclusive talks with a potential buyer.
The 160-year-old firm, which dressed Sir Winston Churchill and the Queen Mother, went into administration last month after efforts by owner Harold Tillman to turn it around came to naught.
The retailer operates three high street stores - at Westfield White City, Canary Wharf and Windsor - and additionally, 16 concessions, including at Harrods, which continue to operate as normal.
According to Geoff Rowley, joint administrator at FRP Advisory, the joint administrators had been very encouraged by the significant interest shown in the business over the last two weeks and had chosen to proceed with the offer that delivered the best outcome for the creditors of Aquascutum. FRP Adivsory is an independent business services firm in the UK, specialising in restructuring and insolvency services.
FRP said around 70 parties from across the world had expressed interest in the business.
Aquascutum was established in 1851 by tailor John Emary. The company took its name from the Latin for water shield after it developed the first waterproof wool.