Aquascutum enters into administration
Sad news from the Aquascutum camp with the company announcing that the 161-year-old label has entered into administration.
In a statement, Aquascutum say the "challenging conditions in the UK," have "unfortunately meant that the team have been unable to successfully turn the business around."
The company has now appointed joint administrators at FRP Advisory, Geoff Rowley and Phil Armstrong, who hope they can save the company from closure.
"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," joint administrator Geoff Rowley said. "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."
In 2009, BFC chairman Harold Tillman purchased the label after it suffered millions in losses. He then recruited Belinda Earl as CEO and Joanna Sykes as creative director in 2010 to help breathe new life into the company. Despite the change in direction sadly it hasn't been enough to turn Aquascutum around.