FRP Advisory to act as Adminstrators of Aquascutum

Aquascutum, the UK-based luxury clothing manufacturer and retailer, entered in to administration today (Tuesday April 17 2012), with the appointment of Joint Administrators, Geoff Rowley and Phil Armstrong, partners at FRP Advisory LLP.
 
 
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April 27, 2012 - PRLog -- Founded in 1851, the company was famed for producing the first waterproof wool and its iconic trench coat. It went on to become known for dressing royalty, political leaders and numerous faces of stage and screen. Most recently the business was acquired by Harold Tillman and Belinda Earl in 2009 and whilst significant efforts were made to turnaround the business, significant losses continued to be incurred. The directors therefore concluded that the company should be placed into administration.

Aquascutum operates three high street stores at Westfield (White City), Canary Wharf and in Windsor; it has a further 16 concessions in Austin Reed, Selfridges, Harrods, House of Fraser, John Lewis and at Hoopers in Tunbridge Wells, as well as seven outlet stores, and eleven international concessions. It runs its manufacturing base from a factory in Corby, Northamptonshire. This totals 250 employees in the UK.

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."

"We will of course be conducting an urgent assessment of all stores and concessions and look to communicate to staff and suppliers at the very earliest opportunity."
A spokesperson for FRP Advisory LLP, the specialist restructuring, recovery and insolvency firm, said:

"Since being appointed as administrators to Aquascutum on Tuesday April 17 2012, 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.

"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.

"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."

Visit http://www.frpadvisory.com/insolvency-practitioners.html for more details.
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Source:FRP Advisory
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Tags:Insolvency Practitioners
Industry:Accounting
Location:London City - London, Greater - England
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