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It's good news over at the Aquascutum camp. The British heritage label has been saved from ruin after it was sold for £15 million to Hong Kong company YGM Trading Limited. All UK stores, concessions, and head office operations have been sold as part of the deal. Administrators are still in negotiations over the purchase of the brand's Corby-based factory.

"We are delighted to announce the sale of Aquascutum, safeguarding the jobs of over 100 employees and the presence of the iconic Aquascutum brand in the United Kingdom," Geoff Rowley, joint administrator at FRP Advisory, said. "We hope that, under new ownership, the Aquascutum brand and business will have the best opportunity of success and growth - both in the UK and worldwide."

Aquascutum announced it had gone into administration in mid-April. In a statement the 161-year-old label said "challenging conditions in the UK," have "unfortunately meant that the team have been unable to successfully turn the business around."

"This is a serious trophy asset for YGM, a phenomenal purchase," said Kim Winser, who was chief executive officer of Aquascutum under its Japanese parent Renown. With China the next strong buyers of luxury and fashion it is no secret that "the Chinese want to have ownership of those brand names."